Who Owns Zelle
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Zelle is a digital payment service that allows users to quickly and securely transfer money directly to and from their bank accounts. The service has become increasingly popular with both consumers and businesses, due to its ease of use, security, and ability to avoid costly transaction fees. As such, it has become a major player in the digital payments market, competing with giants such as PayPal, Venmo, and Cash App.
But who exactly is behind Zelle? Who owns the service?
The answer is: Zelle is owned by a consortium of financial institutions, including Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. Each of these banks is part of the Zelle Network, meaning they process transactions and protect user’s funds.
The service is managed by Early Warning Services, LLC, a risk management provider that has been owned by the seven banks since 2013. The company is headquartered in Arizona and also provides fraud and identity products to financial institutions, helping to fund the development and enforcement of advanced security measures.
Finally, Zelle is powered by Consumer Financial Resources, LLC, which specializes in developing technologies and services for digital payments. The company is based in California and works with financial institutions to ensure the safety and efficiency of digital payments.
In summary, Zelle is owned by seven of the largest banking institutions in the United States, managed by Early Warning Services, and powered by Consumer Financial Resources. Together, these three companies ensure the safety and ease of use of Zelle’s digital payment service.