Fiserv has announced that several banks and credit unions will join Zelle, a P2P payments network from Early Warning.
Citizens Bank, Dollar Bank, First National Bank of Pennsylvania and SchoolsFirst Federal Credit Union will join the P2P network through Turnkey Service provided by Fiserv. Previously announced clients include Ally Bank, Bank of the West and BECU.
The Zelle payments network allows customers to send funds from one bank to another using only a recipient’s email address of mobile number. The Turnkey solution by Fiserv centralizes all the P2P services into a single platform.
The Digital Person-to-Person Payments in the U.S.: The Competitive Landscape report by Aite Group shows that financial institutions held 83% of the digital P2P market share in 2016, while alternative payment providers had 17%. The report has also revealed that in 2015 cash and checks were the preferred method of American consumers for P2P payments, highlight that there is room for online payments expansion.