P-to-P payments

Banks using Zelle share the good, the bad and the indifferent of the person-to-person payment network.

Several states have created their own operations aimed at shoring up what they see as oversight holes created by the CFPB; JPMorgan CEO’s annual letter (47 pages, this one) runs the gamut.

Despite increased bank and investor activity around digital P2P payments, consumers haven't flocked to P2P in expected numbers.

The Federal Trade Commission contends Venmo misled consumers on funds availability and security disclosures.

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to exploit this trust.

The banks behind the Zelle network had more in mind than P-to-P payments between consumers, and BNY Mellon is beginning the network's evolution by targeting the business payments market.

An exclusive look at the Senate's tightly held housing finance plan drew the most interest from readers this week, while TD's foray into AI and the roller coaster at CFPB also dominated attention.

The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.

Commercial customers, including small businesses, seem ready to pay up to shift to faster, more sophisticated electronic invoicing and payments, and enterprising banks that provide them the technology to do so could find it lucrative.

Some firms are investing in technology to help insurance clients shift to paperless payment processing.