User:MaryGaulke/sandbox/Zelle mockup

Zelle is a U.S.-based digital payments network owned by Early Warning Services that enables individuals to electronically transfer money from their U.S. bank account to another person's U.S. bank account using a web interface or mobile device. Unlike when using an Automated Clearing House (ACH) transfer, the payer does not need to know the bank account information of the payee to make a payment. The payer only needs to know the email address or mobile phone number of the payee as a way to uniquely identify the recipient. To receive payments, the payee must register their email address or mobile number with a Zelle-participating financial institution or the Zelle app and associate it with their bank account. When using Zelle, at least one side of the transaction (sender or receiver) must have an eligible account at a Zelle-participating bank or credit union.

Before Zelle was launched in June 2017, predecessor clearXchange was available through banks including Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo. A Zelle mobile app was released in September 2017, and the new Zelle service provides faster money transfers than what was previously offered by clearXchange. Transactions between users who are both enrolled with Zelle are typically completed within minutes.

History
clearXchange, the predecessor to Zelle, was formed by Bank of America, Chase, and Wells Fargo in 2011. The service was designed to improve upon banks' existing person-to-person payment services by simplifying the money transfer process. It enables direct transfers that avoid the need to first move money into a separate account. In 2013, clearXchange named Mike Kennedy Chief Executive Officer and FirstBank as a member. In 2014, it announced Capital One as an additional owner and member. In 2015, clearXchange announced US Bank as an additional owner and member.

As of March 2015, clearXchange was the largest bank-focused person-to-person payment network in the U.S.

In October 2015, Early Warning Services announced it was acquiring clearXchange. In August 2016, clearXchange was reported to have been rebranded as "Zelle", but it continued to operate as clearXchange.

In September 2017, the Zelle mobile app was released. Early Warning has announced that all remaining "person to person" clearXchange profiles will be deactivated in December 2017. After that, clearXchange will no longer support person-to-person payments but will continue to provide payments from companies and government entities to certain customers. Once their clearXchange accounts are deactivated, former clearXchange users may enroll with Zelle through participating financial institutions or the standalone Zelle app to continue to use the service.

Service
Zelle enables users to send money to almost anyone with a United States bank account. Users access the network within the websites and apps of Zelle-participating financial institutions, and through the Zelle mobile app. To register directly with the Zelle mobile app, users must enroll a supported MasterCard or Visa-branded debit card issued in connection with a U.S. bank account. The network connects with existing bank accounts, so consumers do not need to fund a separate account to use the service. Only the recipient's email address or mobile number is needed to send money directly from bank account to bank account. Each email address or mobile phone number may only be actively enrolled in Zelle to receive payments at one financial institution. To register at multiple banks, users need to provide a different email address or mobile phone number for each.

Zelle offers person-to-person (P2P), business-to-consumer (B2C), and government-to-consumer (G2C) payments.

In 2015, clearXchange announced the availability of a real-time payment system. The website for Zelle that was launched in June 2017 says that "Transactions made between financial institutions in the Zelle Network typically complete within minutes. If your recipient does not have access to Zelle through their bank or credit union, transactions could take between 1 and 3 days to complete."

Participants
Zelle is available through the various participating banks' apps and websites, and for consumers whose banks do not participate, Zelle is available by registering an email address or phone number using the Zelle mobile app.

The Zelle Network includes the following participants: indent=1|
 * Network partners
 * Master Card
 * Visa
 * Processor partners
 * Co-Op Financial Services
 * FIS
 * Fiserv
 * Jack Henry & Associates
 * Participant financial institutions:

Ally Financial

Bank of America

Bank of Hawaii

Bank of the West

BB&T

BECU

BNY Mellon

Capital One

Chase Bank

Citibank

Citizens Bank

Comerica

Connect One Bank

Dollar Bank

FCB (Frederick County Bank)

Fifth Third Bank

First National Bank

First Tech Credit Union

First Tennessee

FirstBank

Frost Bank

HomeStreet Bank

KeyBank

MB Financial Bank

M&T Bank

Morgan Stanley

PNC Financial Services

SchoolsFirst Federal Credit Union

Star One Credit Union

SunTrust

TD Bank, N.A.

USAA

U.S. Bank

Wells Fargo