Economy

Zelle takes on Venmo from within your bank's app

Early Warning Systems' CEO Paul Finch notes that "Zelle unites the financial community behind a single, real-time P2P payments experience for millions of consumers".

In addition, your Zelle transactions don't get held up inside some app's account, taunting you with the $18 you paid for drinks last week and making you jump through just one more hoop to get at your hard-earned cash.

The launch of Zelle will effectively supplant existing efforts amongst U.S. banks, which for years have pushed to varying degrees for a more integrated P2P framework.

To make the system work, Early Warning also has strategic partnerships with top payment processors in the banking industry, including CO-OP Financial Services, FIS, Fiserv, and Jack Henry and Associates.

The service will allow transfers "from one bank account to another in minutes, using only a recipient's email address or mobile number", according to its backers. "This will create a viable alternative to checks and cash".

WATCH: Industry leaders talk about Zelle's impact on the P2P payments industry.

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Some U.S. banks had already been using the clearXchange Network, which is the foundation for Zelle. As 2017 opens, Zelle has already experienced a 39% year-over-year growth rate.

Payfone's investors include RRE Ventures, Opus Capital, Relay Ventures, Early Warning Services, American Express Ventures, Verizon Ventures, Rogers Venture Partners, BlueCross BlueShield Venture Partners, Andrew Prozes, Strauss Zelnick, Maclab Development Group and Transaction Network Services.

Over the next week, five of the largest US banks will light up their segments of a new payments network called Zelle, executives said in interviews.

Millions more consumers, including individuals at non-participating banks, can experience Zelle through a standalone Zelle app in the coming months.

Zelle could also be inking partnerships with existing payments venues Visa and Mastercard, which could easily expand its user base to most United States clients.

'By coming together to offer Zelle, we are providing a large majority of Americans with a safe, fast and easy way to move money, ' said Bill Wallace, head of digital at JPMorgan Chase & Co (JPM.N), the biggest USA bank by assets. Once the sender has entered the amount of money to be sent, the service will then send a notification that will guide the sender on how to finish the transfer process.

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