Zelle is a U.S.-based digital payments network owned by Early Warning Services. The service enables individuals to electronically transfer money from their U.S. bank account to another person's U.S. bank account using a mobile device. The Zelle service was launched in 2017.
Early Warning Services has also operated a somewhat similar service called clearXchange that offered payment services through member financial institutions and a website. Launched in 2011, clearXchange was originally owned by a group of banks, and was sold to Early Warning in January 2016. As of December 1, 2017, all clearXchange accounts for person-to-person payment services were deactivated and the web interface was discontinued. However, clearXchange continues to operate as a payment service for companies and government entities.
Video Zelle (payment service)
History
- clearXchange was launched in 2011, and was owned and operated by a group of banks consisting of Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo. It enabled users to send money to anyone else with a United States bank account that had also signed up for the service. Users accessed the network within the websites and apps of member financial institutions, and through clearXchange's website. The network connected with existing bank accounts, so consumers would not need to fund a separate account to use the service. Only the recipient's email address or mobile number was needed to send money directly from a bank account to the bank account of another person who had signed up for the service.
- Over time, the number of financial institutions that were affiliated with clearXchange grew to include various other banks and credit unions.
- clearXchange was sold to Early Warning in January 2016.
- In September 2017, Early Warning released the Zelle mobile app and announced that all clearXchange "person to person" payment service accounts would be deactivated in December 2017. After that, clearXchange stopped supporting person-to-person payments but has continued to provide payments from companies and government entities to certain customers. The company encouraged the former users of clearXchange to sign up for the new Zelle service.
Partners
The Zelle Network includes the following participants:
Network partners
- Master Card
- Visa
Processor partners
- Co-Op Financial Services
- FIS
- Fiserv
- Jack Henry & Associates
Participant financial institutions:
- Ally Financial
- Bank of America
- Bank of Hawaii
- Bank of the West
- BB&T
- BECU
- BNY Mellon
- Capital One
- Chase Bank
- Citibank
- Citizens Bank
- Comerica
- Dollar Bank
- Fifth Third Bank
- First National Bank
- First Tech Credit Union
- First Tennessee
- FirstBank
- Frost Bank
- KeyBank
- M&T Bank
- Morgan Stanley
- PNC Financial Services
- SchoolsFirst Federal Credit Union
- SunTrust
- TD Bank, N.A.
- USAA
- U.S. Bank
- Wells Fargo
Maps Zelle (payment service)
References
External links
- ClearXchange official website
- Zellepay official website
Source of the article : Wikipedia
0 Comments