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Fiserv enables 200 banks and credit unions to go live with Zelle

By Pavithra R

October 07, 2020

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Tom Allanson, president, Electronic Payments at Fiserv

Fiserv, a leading global provider of financial services technology solutions, has announced that the company has enabled implementation of P2P payments for more than 400 institutions (200 banks and credit unions) via the turnkey service for Zelle.

With more and more financial institutions (FIs) choosing to offer Zelle, Fiserv has optimized the path from pipeline to go live so that banks and CUs can get their customers up and run faster. The Federal Savings Bank and SECU are among the recently added FIs that have enhanced their P2P payment capabilities.

“We chose Zelle because we wanted to offer our customers an innovative way to send money quickly via P2P. We had been offering a different service, but it did not have the speed or name recognition. Since moving to Zelle via Fiserv, we have seen a nearly 1000% increase in transactions,” said Jackie Katz, vice president of Retail Banking at The Federal Savings Bank, a Chicago-based veteran-owned bank with offices across the U.S.

Zelle allows consumers to directly send and receive money from one U.S. financial institution account to another, typically within minutes if both parties are already enrolled. Zelle and the Zelle related marks are wholly owned by Early Warning Services.

“We’ve seen consistent growth in P2P payments every month for the past three years, and the recent pandemic has accelerated that trend. The number of financial institutions offering Zelle via Fiserv has more than doubled in 2020, expanding access to easy, fast and secure digital payments at a time people need them most,” said Tom Allanson, president, Electronic Payments at Fiserv.

Recently, Fiserv introduced “Buy Now, Pay Later” installment payment option.

Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.

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