Zelle® and Fiserv Launch Program to Bring Real-Time P2P Payments to Minority Depository Institutions
On October 21, 2021, Early Warning Services and Fiserv announced a partnership to provide real-time payments via Zelle to minority depository institutions (MDIs). Eligible MDIs can receive rebates for participating in this initiative, aimed at enhancing financial services access for underserved communities. Banesco USA is the latest MDI to join the Zelle Network, allowing its customers to use Zelle for fast money transfers. This collaboration is part of Fiserv's commitment to diversity and inclusion in financial services, enabling better financial management for historically underserved populations.
- Partnership with Early Warning Services enhances Zelle adoption among minority depository institutions.
- Rebates offered to MDIs incentivize participation in providing Zelle's real-time payment services.
- Banesco USA joins the Zelle Network, expanding access for underserved communities.
- None.
SCOTTSDALE, Ariz., Oct. 21, 2021 /PRNewswire/ -- Early Warning Services, LLC, the network operator behind Zelle®, and Fiserv, Inc., a leading global provider of payments and financial services technology, in partnership with financial institutions, empower minority and underserved communities to access real-time payments through Zelle® The two organizations are each offering a rebate to qualifying minority depository institutions (MDIs) that sign up to offer Zelle®. Banesco USA is the most recent MDI to join the Zelle Network®. Banesco USA provides banking services to diverse communities and is a leading community bank in technological innovation.
"MDIs play a crucial role for minority and underserved communities, including both consumers and small businesses," said Lou Anne Alexander, Chief Product Officer at Early Warning. "By partnering with Fiserv, we make it even easier for these financial institutions to access the Zelle Network®, giving their customers additional tools to help meet their financial goals."
Banesco USA customers can now look for Zelle® in their BanescoMobile banking app to send money to friends and family, wherever they bank in the U.S. Money sent with Zelle® goes directly from one bank account in the U.S. to another, using only a recipient's email address or U.S. mobile number. Funds are typically available within minutes when both parties are already enrolled with Zelle®.
"We're focused on building long-lasting relationships with our customers, and that means continually evolving our offerings to meet their needs," said Gustavo Rengifo, SVP Products and Digital Banking Officer at Banesco USA. "The addition of Zelle® expands our current money movement capabilities with a real-time digital payment option that offers the speed and ease of use people expect."
"Fiserv chooses to stand for diversity and inclusion, and we are committed to help enable equitable access to financial services," said Neil Wilcox, Head of Corporate Social Responsibility at Fiserv. "Real time payments, such as those made through Zelle®, empower people to better manage their financial lives, and MDIs play a key role in bringing these capabilities to the historically underserved communities who can benefit from them most."
Consumers should only use Zelle® to send and receive money with friends, family and people they know and trust.
Now through June 30, 2022, eligible MDIs can sign and submit their participant agreement to receive special rebates.
About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://BanescoUSA.com/OFR-Cert-of-Good-Standing.pdf) with
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World's Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning's risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
Zelle and the Zelle related marks are property of Early Warning Services, LLC.
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SOURCE Early Warning Services, LLC
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