Zelle

Many bank-driven responses to fintech startups are "force fitting" traditional services, and don't fully meet new consumers' demands for social interaction, writes Ted Bissell, global director for digital consulting at Axis Corporate.

The person-to-person payment service, the big banks’ answer to Venmo, is scheduled to launch a stand-alone app next week.

The bank is also working with Fit Pay Inc. to allow its customers to make contactless payments with their credit or debit cards through connected devices.

Barry Rodrigues most recently was head of digital payments for Citigroup.

Many of Zelle's member banks and credit unions chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end-user awareness or consent it can irritate consumers.

Many of Zelle's member banks chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end-user awareness or consent it can irritate consumers.

The financial institution-owned person-to-person network formally went live Monday, enabling direct transfer of funds across 30 U.S. FIs. There are a lot of questions around whether it can compete with the current kings of P-to-P — Venmo and PayPal — but Zelle may not be aiming to take them head-on just yet.

The bank-owned person-to-person network formally went live Monday, enabling direct transfer of funds across 30 U.S. financial institutions. There are a lot of questions around whether it can compete with the current kings of P-to-P — Venmo and PayPal — but Zelle may not be aiming to take them head-on just yet.

Innovators offer speed, but banks retain customer relationships and a vast product range that can add services to payments.

When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.

When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.

Several groups are developing real-time payments systems for the U.S., and most everyone agrees success is inevitable, but how quickly they can make enough progress to satisfy consumers is a point of contention.

The upcoming launch of Zelle gives Chase, B of A, Wells Fargo and other large banks an opportunity to correct their past mistakes.

Consumer tastes for person-to-person payment apps differ widely from one market to another, and also change rapidly over time.