Digital P2P, or Peer-to-Peer, payment systems like PayPal, Venmo and Square aren’t new, but the transfer of money isn’t instantaneous.
But a new system, Zelle, promises to have the exchange done within minutes, and Renasant Bank said Tuesday that its mobile and online customers now have access to Zelle through its consumer mobile banking app.
Renasant is the first bank in Mississippi to partner with Zelle.
Zelle was created by Early Warning Services, a company owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo. Zelle users can send, receive or request money directly to and from friends’ and family members’ bank accounts using only an email address or phone number, even if the other party has an account with a different bank.
Renasant said Zelle – which is free – is “a fast, safe and easy way to send and receive money electronically within minutes to almost anyone with a bank account in the U.S. Renasant clients can now access Zelle through their banking app without the hassle of downloading a new app or giving away personal information to another person.”
John Oxford, Renasant’s director of marketing, said the advantage for Zelle and Renasant clients is that it is already in their app and they can pay anyone with a U.S. bank account by simply using their Renasant app.
“We’re excited to bring Zelle to our clients to provide them with a simple and easy way to transfer money with their mobile devices,” said Mitch Waycaster, Renasant President and Chief Executive Officer. “Zelle is a game-changer in the Fintech payment area, and adding this to Renasant’s suite of consumer digital and mobile banking products such as mobile check deposit, online bill pay, online banking, text alerts, Apple Pay, Google Pay and Mastercard Masterpass gives our clients another tool so that they can conduct their banking when and how they want.”
Currently, more than 140 financial institutions have signed contracts to participate in the Zelle Network.
Transactions typically occur within minutes between enrolled Zelle users. If a recipient is not enrolled with Zelle, it could take between one and three business days to receive the money once enrollment is completed.
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