In Austin last week American Banker hosted their annual Digital Banking Conference where banks of all sizes gathered to discuss...
The real time payments network Zelle has added new tech partners to their growing network; partners include ACI Worldwide, CGI, D3 Banking Technology and IBM; the new partners will help to accelerate technology, reduce risk and control costs for Zelle as their payments network grows over time. Source.
This past weekend p2p payments platform Zelle started a marketing push in 6 major US markets; Early Warning, Zelle’s owner, started the ads during last weekends NFL football games and has plans to further advertise during the Grammy Awards, the NBA All-Star Game and more upcoming events; while Zelle has past Venmo in volume the platform is not nearly as widely known and it isn’t entirely clear how many users they have because it is integrated with your banking app; the company also plans to do a push in print and digital ads over the coming months. Source.
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.
Zelle has quickly made a name for themselves in p2p payments, now BNY Mellon is looking to leverage the company for business payments; "There are rapid changes in the payments space," Carl Slabicki, director and product line manager for immediate payments at BNY Mellon, said to American Banker. "If you want to remain relevant and allow your clients access to new payment systems, you need to be quicker to market with a faster payment solution.”; b2b payments have no been easier to automate but BNY is hoping to help move the process in that direction. Source.
The partnership between IBM and Zelle is meant to accelerate and simplify payments through real time processing; they also will help to enable same day deposits, bill pay, less fees and seamless cash flow; Zelle is now working with over 20 banks and plans to reach 85 million consumers by end of year. Source.
US Bank saw a 104 percent increase in Zelle transactions the past four months and a 50 percent increase in customer enrollment in the peer to peer payment offering; this is another success story for Zelle as they have seen significant usage in their product with $33.6bn in volume versus $14.8bn by Venmo; Zelle is integrated with over 40 banks and has reached over 85 millions users. Source.
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
Chase is starting a new marketing campaign by using GIFs across social media channels in an effort to get millennials to use their QuickPay product by Zelle; the campaign shows a shift by the bank to make campaigns more personalized and geared at a younger target market; Donna Vieira, chief marketing officer for Chase’s consumer bank tells TearSheet, “The channels, mediums and media you use; the copy and creative form like memes and GIFs. Clearly 15 years ago this would be nonexistent, but it’s how this audience communicates with each other, tells their stories and what they find engaging.”; Chase saw a 50 percent increase in p2p transactions in 2017 and a 15 percent increase in new enrollments for their app. Source.
According to TechCrunch, scammers are using Zelle to take advantage of customers; a seller of a product who is attempting to defraud customers will ask a customer to pay using Zelle instead of PayPal; many users are not aware that Zelle does not provide some of the same buyer protections that PayPal has been known for; Zelle is more similar to Venmo for transferring money to those you trust. Source