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Banks make major P2P push as FIs start adding Zelle

Financial Institutions behind the Zelle person-to-person payments network from Early Warning Services will begin in earnest to add the feature to their mobile banking apps, according to a press release from Early Warning.

Beginning this week and continuing on a rolling basis over the next 12 months, Zelle will become available in the mobile banking apps of more than 30 banks and credit unions, including Bank of America; Capital One; Citi; Chase; SunTrust Bank; TD Bank; USAA; U.S. Bank; and Wells Fargo.

In addition to working directly with financial institutions, Early Warning has established strategic partnerships with payment processors including Co-op Financial Services , FIS, Fiserv, and Jack Henry and Associates. These relationships will allow millions more consumers to experience Zelle through community banks and credit unions, according to the annoucement.

"Fragmentation has been frustrating for consumers. Inconsistent experiences have made it difficult to send and receive money between banks," Early Warning CEO Paul Finch said in a statement. "Zelle unites the financial community behind a single, real-time P2P payments experience for millions of consumers. Together, we are removing friction from finance, allowing money to move seamlessly between accounts in minutes. This revolution in money movement will create for consumers a viable alternative to checks and cash."

Early Warning officially introduced Zelle last year at the annual Money2020 conference in Las Vegas. No word yet when the company will release a separate Zelle mobile app for consumers to download and use.