Zelle Sees Jump in Volume Due to Big Banks

P2P payments app Zelle saw a 60 percent jump in volume during the 4th quarter, 40 percent of which came from Bank of America; Bank of American has been pushing Zelle to its clients and the outreach has worked; 60 institutions are live on the Zelle network with an additional 170 committed to the company and awaiting on-boarding; “We’re seeing some improvements in the on-boarding process enabling acceleration of the rollout,” Lou Anne Alexander, Early Warning’s group president of payments, said in an interview with American Banker; Zelle saw average transaction size drop from $400 to $248, showing that Zelle was being used for small payment amounts. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!