American banks add pieces to a brand new instant payments network
By the end of December some American bank customers might start noticing features of the new Zelle instant payments network arising on their handsets as well as online banking applications as the financial industry attempts to catch up with technology company counterparts, including Venmo.
The chief executive of the bank network operator, Early Warning Services, Paul Finch told during the weekend that buttons on user interfaces for digital payments at some banks will start using a uniform procedure for users to send and receive money.
Then early next year up to 20 banks will put the Zelle name on their mobile applications as well as web pages. A Zelle application will also be offered to the public for connections via other institutions.
The consortium is taking several steps in its attempt to bring more than just 100 million customers of financial institutions as well as credit unions into Zelle without disrupting folks who already employ other ways to send money with smartphones and computers.