Peer-to-peer (P2P) paymen2ts startup Zelle is collaborating with global FinTech Fiserv to empower underserved communities by bringing real-time payments to minority depository institutions (MDIs).
“MDIs play a crucial role for minority and underserved communities, including both consumers and small businesses,” Lou Anne Alexander, chief product officer at Early Warning, the network operator behind Zelle, said in a press release on Thursday (Oct. 21). “By partnering with Fiserv, we make it even easier for these financial institutions to access the Zelle Network, giving their customers additional tools to help meet their financial goals.”
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Both Zelle and Fiserv are offering a rebate to qualifying MDIs that sign on with the Zelle network. Banesco USA, which is a community bank offering financial services to diverse communities, is the most recent MDI to participate.
“We’re focused on building long-lasting relationships with our customers, and that means continually evolving our offerings to meet their needs,” said Gustavo Rengifo, SVP of products and digital banking officer at Banesco USA. “The addition of Zelle expands our current money movement capabilities with a real-time digital payment option that offers the speed and ease of use people expect.”
Customers at Banesco USA will find Zelle integrated into their BanescoMobile banking app, enabling people to transfer funds to others, no matter where they bank in the country. Customers can make transfers to others using just the recipient’s mobile phone number or email address. If both parties use Zelle, the money gets transferred in minutes.
“Fiserv chooses to stand for diversity and inclusion, and we are committed to helping enable equitable access to financial services,” said Neil Wilcox, head of corporate social responsibility at Fiserv. “Real-time payments, such as those made through Zelle, empower people to better manage their financial lives, and MDIs play a key role in bringing these capabilities to the historically underserved communities who can benefit from them most.”