FIS to Offer Zelle Network P2P Service
Financial services providers that work with FIS will be able to ramp up their real-time payments capabilities quickly now that the company is integrating with Early Warning’s Zelle Network P2P service. Using FIS PayNet and the financial technology provider’s open payment framework, the P2P service will be offered as part of FIS’s other real-time payment services, such as digital e-gifting, bill payment and external transfers.
Early Warning is joint venture comprised of Bank of America, BB&T, Capital One, JPMorgan Chase, PNC, U.S. Bank and Wells Fargo. Zelle will be available next year, according to its Website. The P2P service will be competing with popular PayPal subsidiary Venmo, as well as Square and Facebook.
“Offering Zelle aligns with our global initiatives in real-time payments frameworks and extends our portfolio of solutions that help financial institutions fulfill the growing customer demand for instant money movement,” said Scott Coffing, division executive, corporate and digital, FIS.
In October, Fiserv announced several FIs, including Ally Bank, Bank of the West and BECU, had committed to joining the Zelle Network through a partnership between Fiserv and Early Warning.