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Early Warning Services has announced that financial institutions in the Zelle network processed more than 170 million person-to-person payments in 2016, totaling $55 billion in aggregate transaction value.
The Zelle Network, built on the foundation of the clearXchange Network, now includes 20 banks and credit unions, and is poised to reach an estimated 85-million consumers in the U.S. through the mobile banking apps of its participating institutions, according to a press release. New "Send Money with Zelle" experiences will be live in bank apps in mid-2017.
"We're on a mission to replace cash and checks with a faster, safer, and easier way to pay," Lou Anne Alexander, group president of payments for Early Warning Services. "With more and more of the nation's leading financial institutions joining the Zelle revolution, we're making mobile payments ubiquitous, opening up new opportunities for an entire industry."
Bank of America, U.S. Bank, and Wells Fargo have already embedded aspects of the Zelle user experience within their mobile banking apps with additional network banks scheduled to launch in the second quarter of 2017. To maintain a consistent consumer experience, Early Warning has certified all of the Zelle participating financial institutions to a design and experience standard.
Early Warning still plans to release a separate Zelle app this year.