Zelle faces Senate probe on fraud
Payments Dive
MAY 31, 2024
“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
Zelle Related Topics 
BofA discloses CFPB probe of Zelle payments
Payments Dive
OCTOBER 30, 2024
Bank of America is responding to a Consumer Financial Protection Bureau inquiry related to the bank’s processing of electronic payments through Zelle, the lender disclosed in a regulatory filing.
Zelle 
78
78 
JPMorgan, Zelle may have upper hand if litigation ensues
Payments Dive
AUGUST 15, 2024
If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.
Zelle 122
122 
More People Than Ever Choose Zelle with Nearly Half a Trillion Dollars Sent in First Half of 2024
Fintech Finance
OCTOBER 17, 2024
the network operator of Zelle® , today announced that the person-to-person payments network helped 143 million consumers and small businesses move nearly half a trillion dollars — $481 billion, up 28% year-over-year in the first half of 2024. Transaction volume on Zelle increased by 27% year-over-year to over 1.7
Zelle 93
93 
BofA says U.S. may take action over money laundering, Zelle
Bank Automation
OCTOBER 31, 2024
said US regulators may take action against the firm over its efforts to detect suspected money laundering and sanctions violations, as well as its handling of payments on the Zelle network. may take action over money laundering, Zelle appeared first on Bank Automation News. Bank of America Corp.
JPMorgan ponders legal action over Zelle probe
Finextra
AUGUST 5, 2024
JPMorgan Chase is considering taking legal action against the Consumer Financial Protection Bureau (CFPB) over an ongoing probe into the abuse of Zelle payments by scammers.
Wells Fargo says US investigating Zelle complaint handling
Finextra
MAY 5, 2024
Wells Fargo has joined JP Morgan in revealing that US authorities are investigating the handling of complaints about P2P payments service Zelle.
Zelle 105
105 
Bank CEOs defend Zelle in Senate hearing
Payments Dive
SEPTEMBER 23, 2022
Elizabeth Warren called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.
Zelle 158
158 
Warren probes Zelle scam policy
Payments Dive
FEBRUARY 21, 2024
Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.
Zelle 78
78 
Nearly Half a Trillion Dollars Sent Visa Zelle in First Half of 2024
The Nilson Report
OCTOBER 24, 2024
The post Nearly Half a Trillion Dollars Sent Visa Zelle in First Half of 2024 appeared first on Nilson Report.
Zelle 52
52 
Banks aren't likely to undercut cards with Zelle
Payments Dive
APRIL 7, 2022
The banks earn billions of dollars from credit and debit card interchange fees so why would they want Zelle stepping in to connect consumers directly to bank accounts? "Banks would never want to jeopardize interchange revenue," said one analyst.
Zelle 103
103 
Zelle becomes LAFC Golden Boot Club partner
Finextra
MAY 9, 2024
Los Angeles Football Club (LAFC) today announced Zelle as a Golden Boot Club corporate partner and the official peer-to-peer payment provider of LAFC.
Zelle 52
52 
Venmo, Zelle and Cash App leave users vulnerable to fraud - Manhattan DA
Finextra
JANUARY 25, 2024
Manhattan's district attorney has written to the firms behind Venmo, Zelle and the Cash App, calling on them to up their security measures in the face of growing fraud.
Zelle 84
84 
What Does Zelle Impersonation Scam Reimbursement Really Mean?
BioCatch
NOVEMBER 21, 2023
In mid-November, five news stories came out on the ‘new’ Zelle impostor scam reimbursement policy. EWS owns Zelle. Although this policy had taken effect in June of this year, why did it take until November to report on it? And EWS itself is owned by seven major U.S.
Zelle 52
52 
Dime Makes Zelle Available for Business Customers
The Nilson Report
APRIL 17, 2024
The post Dime Makes Zelle Available for Business Customers appeared first on Nilson Report.
Zelle 52
52 
Dime Makes Zelle Available for Business Customers
The Nilson Report
APRIL 12, 2024
The post Dime Makes Zelle Available for Business Customers appeared first on Nilson Report.
Zelle 52
52 
Banks discuss refund rule for customers defrauded on Zelle: report
Payments Dive
NOVEMBER 28, 2022
Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.
Zelle 78
78 
Zelle, big banks challenge senators on scam reimbursements
Payments Dive
JULY 25, 2024
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
Zelle 179
179 
Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud
Payments Dive
OCTOBER 14, 2022
Four of the seven banks that own Zelle reported data to the senator, but she focused her attention on Wells CEO Charlie Scharf in a letter Thursday.
Zelle 78
78 Zelle 78
78 
Zelle Transaction Volume Up 28% to $806 billion
The Nilson Report
MARCH 5, 2024
The post Zelle Transaction Volume Up 28% to $806 billion appeared first on Nilson Report.
Zelle 52
52 
Banks aren't doing enough to address Zelle fraud, senators say
Payments Dive
JULY 11, 2022
Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.
Zelle 78
78 
Zelle Sees P2P Payments Surge On Heels Of COVID-19
PYMNTS
NOVEMBER 2, 2020
Digital payments network Zelle surpassed the one-billion transaction mark over the past year, with the coronavirus crisis leading to a boost in demand, according to a press release. based Zelle processed 323 million transactions worth $84 billion. In the third quarter alone, the Scottsdale, Ariz.-based
Zelle 83
83 
How the pandemic is propelling Zelle
Payments Source
JULY 29, 2020
The pandemic’s physical distancing requirements appear to have accelerated transaction volume and overall use of Zelle, the P2P app operated by the bank-owned Early Warning Services LLC.
Zelle 76
76 
P2P payments tools lack transparency, consumer group says
Payments Dive
OCTOBER 2, 2024
Zelle, the popular peer-to-peer payment service, and rivals should be more upfront with consumers about the ability to ask for money back, Consumer Reports says.
Payments Tools 163
163 
Citizens makes Zelle available for small business customers
The Paypers
FEBRUARY 2, 2023
US-based Citizens Financial Group has made the Zelle service available for small business customers through its mobile banking app.
Zelle 73
73 
Zelle no! Credit unions balk at joining bank-run P2P network
Payments Source
SEPTEMBER 24, 2018
Zelle doesn't require a bank or credit union to participate in its network to allow it to receive funds; so even Zelle holdouts will see some activity on their accounts. This allows credit unions to compare members' demand to usage, and to determine whether signing up with Zelle is worth the tradeoffs.
Credit Union 104
104 
The ‘Zelle Fraud’ Scam: What it Is and How to Avoid it
Finextra
DECEMBER 23, 2023
Zelle is one of the most famous platforms to quickly send money to loved ones, friends, and family.
Zelle 64
64 
Zelle operator Early Warning hires new CEO
Payments Source
MAY 30, 2019
Albert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers.
Zelle 92
92 
Today In Digital-First Banking: Zelle Exceeds 1B P2P Payments; China’s Digital Yuan Tests Process 4M+ Transactions
PYMNTS
NOVEMBER 3, 2020
In today’s top news in digital-first banking, digital payments network Zelle crossed over the one-billion transaction mark, while China’s tests of a digital yuan have processed over four million transactions. Zelle Says P2P Payments Top One Billion Transactions.
Zelle 122
122 
Zelle Distributes $133B In Consumer, SMB Payments
PYMNTS
JULY 29, 2020
Early Warning Services , an Arizona FinTech company, announced Wednesday it distributed $133 billion through its Zelle digital payments network for the first half of the year, according to a press release. Small- to medium-sized businesses (SMBs) have also begun using Zelle to accept payments from customers. billion using Zelle.
Zelle 56
56 
Zelle quarterly volume reaches $44B, as average transaction size falls
Payments Source
JULY 26, 2019
Early Warning's Zelle P2P network processed $44 billion in payment volume over 171 million transactions during the second quarter of 2019, a growth of 56% in volume and 71% in transactions year-over-year.
Zelle 98
98 
FedNow aims to avoid Zelle-type fraud
Payments Dive
FEBRUARY 23, 2023
As the Federal Reserve prepares for a mid-year launch of its instant payments system, FedNow, it’s zeroing in on anti-fraud tools to protect users.
FedNow 187
187 
US Bank Debuts Free Zelle eCards For Users Sending Money
PYMNTS
DECEMBER 10, 2020
The eCards can be sent alongside payments made as gifts via Zelle in the bank's mobile app. Zelle is used to complete fast transactions in which funds are typically made available within minutes in the recipient's bank account. Recently, Zelle surpassed one billion payments in 12 months.
Zelle 64
64 BofA's Zelle numbers don't add up — but they do make sense
Payments Source
JANUARY 27, 2019
Zelle has been good for Bank of America’s P2P traffic, with the bank reporting eye-popping numbers every quarter. But the bank and the Zelle network have different ways of counting their volumes.
Zelle 97
97 
Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams
PYMNTS
OCTOBER 16, 2020
Fighting these threats requires an equally wide range of defenses, says Jamie Armistead, Zelle vice president. Peer-to-peer (P2P) payment apps like CashApp , PayPal , Venmo and Zelle are especially popular targets for financial crime, with fraud attacks against these apps increasing by 733 percent since 2016.
Zelle 89
89 
Zelle founder to helm Ripple rival Interstellar
Payments Source
SEPTEMBER 12, 2019
The creator of Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.
Zelle 75
75 
Zelle Processes $35B In Q4 Payment Volume
PYMNTS
JANUARY 24, 2019
Zelle, traditional banks’ answer to Venmo and Paypal, continues to grow in usage, not only with customers but with banking institutions as well, according to reports. Zelle’s operator, Early Warning Services, reported a Q4 payment volume of $35 billion, which is up 12 percent from Q3 and 61 percent from a year before.
Zelle 69
69 
Millennials propel Zelle at BofA
Payments Source
AUGUST 21, 2019
Bank of America’s P2P transaction volume via Zelle is surging, with millennials driving the bulk of its usage.
Zelle 69
69 
How Zelle Protects Users Against Scams And Frauds With AI, Analytics
PYMNTS
OCTOBER 19, 2020
It is no wonder that payment apps like CashApp , Venmo and Zelle are used by more than 70 percent of Americans. Meeting this fraud threat will require in-depth knowledge of fraudsters’ techniques and advanced technology and customer vigilance, according to Jamie Armistead , vice president and business line leader for banking app Zelle. “We
Zelle 68
68 
Zelle Distributes $133B In Consumer, SMB Payments In First Half Of Year
PYMNTS
JULY 29, 2020
Early Warning Services , an Arizona FinTech company, announced Wednesday it distributed $133 billion through its Zelle digital payments network for the first half of the year, according to a press release. Small- to medium-sized businesses (SMBs) have also begun using Zelle to accept payments from customers. billion using Zelle.
Zelle 58
58 
Let's personalize your content