Financial technology solutions provider Jack Henry has announced a partnership with Early Warning, the company behind the Zelle network, The partnership has the potential to link about 3,000 new financial institutions to the faster payments network.
The service formally known as clearXchange, which was officially rebranded as Zelle this year, is building a faster payments network through technology and partnerships with companies such as Jack Henry for faster access and faster processing.
Currently, the network is integrated with both Mastercard and Visa services. Zelle is also partnered with fintechs such as FIS and Fiserv not to mention a growing number of banks and credit unions—including the new ones brought in through the network’s new link with Jack Henry’s clients. Currently, Zelle has partnered with 19 financial institutions.
The Zelle network will be linked to Jack Henry’s pre-existing P2P services, which it has offered since 2005, enabling clients of the payment processing company to offer faster and more secure P2P payment products to their own customers.
Current users of the iPay Consumer Bill Pay service will now also gain the ability to send or receive P2P payments thanks to the integration of the Zelle network.
The Zelle network is expected to launch at some point in early 2017 with the debut of its new app, branded with the Zelle name and signature purple; consumers could choose to send payments directly through the app once it is available for use.
At the time of launch, the capabilities of the Zelle network should already be available to more than 76 million mobile banking users across the globe, which will make it one of the largest payment networks operating in the U.S. right on opening day.1 - Reader Likes This Post