– Nearly 1700 financial institutions (FIs) signed on to the Zelle Network®, representing 74% (577 million) of all U.S. DDA accounts
– Credit unions and banks under $10 billion in assets are driving growth, representing 40% of FIs in the Zelle Network®
– Small businesses and consumers sent 436 million payments worth $120 billion with Zelle® in Q2 2021
Early Warning Services, LLC, the network operator behind Zelle, announced its Q2 2021 transaction results, which include signed FIs representing more than 500 million DDA accounts. In Q2 2021, the Zelle Network® processed $120 billion on 436 million transactions. Year-over-year sent payment values increased by 68%, while payment transactions increased by 58%.
Credit Unions and Community Banks Turn to Zelle
FI participants with less than $10 billion in assets now account for 40% of the Zelle Network®. Syracuse Fire Department Employees Federal Credit Union joins the network as the 1,000th FI to go live with Zelle®.
“By offering Zelle® in our app, we are giving our 6,000 members a convenient way to transact digitally,” said Andrea Thune, CEO of Syracuse Fire Department Employees Federal Credit Union. “Our members are considered part of our family and rely on us for banking services that adapt to their lives. By joining the Zelle Network®, we now give them a service that allows them to transact with their friends and family no matter where they may bank.”
SysAdmin Appreciation Day: Top Industry Leaders Share their Insights on IT and Data Ops
“Zelle® plays the role of digital cash for tens of millions of people and businesses, giving them a fast, easy and safe way to send and receive money in an app they use and trust,” said Al Ko, CEO of Early Warning. “First responders and their families are an important community, and it is an honor for Zelle® to now be a part of the financial services offered by Syracuse Fire Department Employees Federal Credit Union.”
Read More: OnPoint Community Credit Union Introduces New 2% Cash Back Credit Card
Zelle® Small Business Transactions Grow 157% Year- Over -Year
With the challenges of the past 18 months, businesses of all sizes have leveraged Zelle® when checks and cash were no longer options. Zelle® Small Business continues to be a fast-growth area in the network, growing 157% year-over-year.
Consumers should only use Zelle® to send and receive money with friends, family, and people they know and trust.
