New York Citi, a leader in global digital payments, announced expanded payments capabilities for customers by joining the Zelle Network. Formerly known as "clearXchange®," the Zelle Network, run by Early Warning, allows customers of participating banks to engage in fast and easy person-to-person (P2P) payments services. The service is available today within the Citi Mobile® App for iPhone® and Citibank® Online, offering Citi U.S. retail bank customers the ability to make fast and free payments from their checking account to friends and family who bank with many of the major financial institutions in the United States.
In 2016, financial institutions in the Zelle Network processed over 170 million P2P payments, totaling $55 billion in aggregate transaction value. With the inclusion of Citi, the network is projected to reach an estimated 86 million consumers in the U.S. through the mobile banking apps of participating institutions.
"We are pleased to deliver the value of the Zelle Network to Citi's customers, enabling them to make real-time, person-to-person payments to almost anyone with a U.S. bank account," said Barry Rodrigues, Head of Global Digital Payments for Citi's Global Consumer Bank. "Citi is committed to providing payment services that are fast and easy to use. Through a combination of Citi's proprietary solutions and partnerships with leading financial services and technology companies, we are bringing the best of the global payments ecosystem to our customers, wherever they may be."
This is the latest digital payment service enhancement offered by Citi, the leading global bank at the forefront of the digital wallet revolution. All customers need to do is enroll through Citi digital channels, choose the person-to-person transfers link and start sending, receiving or requesting funds using simply a registered mobile phone number, or e-mail address. When both persons are enrolled with participating banks, recipients will see the funds available in their bank accounts within minutes in most instances.
"The addition of Citi to the Zelle Network brings us one step closer to making fast and easy mobile payments universal," said Lou Anne Alexander, Group President, Payments for Early Warning. "Early Warning is happy to partner with Citi as it represents an important milestone in our goal to expand the Zelle Network to include financial institutions nationwide."
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the financial system. Learn more at Early Warning.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Deirdre Leahy, 212-559-3296