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Zelle® Shatters Records with $1 Trillion Sent in a Single Year

Fintech Finance

Zelle has announced that in 2024 the network reached 151 million enrolled users and helped American consumers and small businesses send over $1 trillionthe most money ever sent by a person-to-person payments service in a single year. Zelle transactions grew 25% from 2023 to a total of 3.6 billion, a 25% increase from the prior year.

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Why small banks may shun Zelle

Payments Dive

Deep Dive Opinion Library Events Press Releases Topics Sign up Search Sign up Search Retail Banking Restaurants Regulations & Policy Risk Technology B2B An article from Why small banks may shun Zelle The peer-to-peer payment network charges comparatively higher transaction rates, but also offers the potential for new customers, consultants say.

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The Quarterly Review: How Zelle’s GM Denise Leonhard plans on leading the firm to $1 trillion dollars in total transactions

Tearsheet

In this edition, we focus on Denise Leonhard, GM of Zelle. Half a trillion dollars were transferred over the Zelle network in the first half of 2024, according to Zelles report in October. This came with a 27% increase in transaction volume YOY for the firm, showing how quickly the Zelle network is expanding.

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The End of Average: AI Is Rewriting the Rules of Digital Banking CX

Finextra

Even regional banks and credit unions began deploying AI chatbots through cloud providers or fintech partners, recognizing that automated support is becoming an expected part of digital banking. The quantitative benefits of support automation are significant. Both the U.S. and UK saw case studies of improved support due to AI.

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Real-time payments zoom ahead

Payments Dive

So far, FedNow has attracted participation from about 1,400 of the approximately 8,800 banks and credit unions in the U.S., In any case, there is some evidence that the launch of FedNow has spurred more activity on both systems. according to the Fed’s latest release. By Lynne Marek • Aug.

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Zelle no! Credit unions balk at joining bank-run P2P network

Payments Source

Zelle doesn't require a bank or credit union to participate in its network to allow it to receive funds; so even Zelle holdouts will see some activity on their accounts. This allows credit unions to compare members' demand to usage, and to determine whether signing up with Zelle is worth the tradeoffs.

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How Credit Unions Are Moving The Consumer’s Basic Banking Needs Digital

PYMNTS

The idea of offering digital services was hardly new to credit unions (CUs) before the pandemic, but the outbreak provided “the why” for going all-in, Dr. Kathy Snider , senior vice president and group leader of Engage products at CO-OP Financial Services , told PYMNTS. The Unpredictable Path Forward.