Transferring funds interbank / intrbank is now ubiquitous. Just as someone now researches an item on the internet by: Googling It is hoped that persons will transfer funds by: Zelling
A consortium of banks holding the majority of U.S. consumer accounts plans to launch its instant, person-to-person payments brand Zelle in the first half of 2017, a spokesman said on Thursday.
The group has posted its logo - which includes a vertical line bisecting the letter "Z" like a backwards dollar sign - on (www.zellepay.com), said Andrew Tilbury, a branding consultant and spokesman hired by the bank consortium, Early Warning Services.
Early Warning operates clearXchange, which earlier this year began connecting banks to allow individuals to send money by email and text message to people with accounts at other banks for their instant use. In the meantime, the group has been working on its marketing plan. Zelle is the consortium's response to challenges from Silicon Valley, such as Venmo, a payments app run by PayPal Holdings Inc PYPL.O . Venmo has become popular with young adults making payments to one another for shared expenses, such as rent and lunch tabs.
Banks that are part of clearXchange include Bank of America Corp BAC.N , Capital One Financial Corp COF.N , JPMorgan Chase & Co JPM.N , U.S. Bancorp USB.N and Wells Fargo & Co WFC.N .
Zelle users will be able to send money to almost anyone, as long as they have a Visa- or Mastercard-branded debit card.
The money would be transferred instantly and could be used to pay bills or make payments to friends or others.
Zelle would replace ClearXchange and, like its predecessor, is designed to keep Square Cash, PayPal-owned Venmo and other mobile payment platforms from eating into bank business.
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