Newly launched (June 12), Zelle provides a P2P real-time & instant money sending service between US bank accounts. The idea: to become a serious alternative to checks and cash. Potential audience: >86m U.S. mobile banking consumers.
The functioning is extremely simple: the sender just has to open his usual mobile banking app, to populate the beneficiary’s email address or mobile nb. and the amount he wants to send. The beneficiary will then automatically receive the money transfer notification.
Zelle is working with payment processors as Payfone, specialized in instant mobile authentication, to secure the transactions operated via its service. The latter is able to analyse almost instantly a transaction risk thanks to its analytics engine that is used to process millions of signals a day.
Read more on the partnership with Payfone on Finextra
Read the Zelle press release