Bank owned US FinTech

Key Data

  • Trading Name: Zelle 
  • Legal Entity: Early Warning Services, LLC
  • Activities: Digital payments network
  • Location: USA

Zelle is a US-based digital payments network owned by Early Warning Services LLC, a private financial services company owned by the banks Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo.

The Zelle instant payment service was launched in June 2017. Previously, the Zelle service was known as clearXchange, which offered payment services through member financial institutions and a website. Launched in April 2011, clearXchange was originally owned by Bank of America, JPMorgan Chase, and Wells Fargo. After Capital One and US Bank joined as additional partners, clearXchange was sold to Early Warning Services in January 2016. In December 2017, all clearXchange accounts for person-to-person payment services were rebranded as “Zelle“, and clearXchange users began being required to recreate their profiles in Zelle to continue using the service.


The Zelle service is intended for payments to those whom the payer already knows and trusts and the service disclaims any responsibility for goods and services sold through the system.

Zelle users can send money to other registered Zelle users. (If they attempt to send money to unregistered recipients, the intended recipient will receive an invitation to sign up for the service to complete the transaction.) Users access the network within the websites and apps of Zelle-participating U.S. financial institutions and through the Zelle mobile app. To register with the Zelle mobile app, users must enroll a supported MasterCard or Visa-branded debit card issued in connection with a U.S. bank account.

The network connects with existing bank accounts, so consumers do not need to fund a separate account to use the service.Only the recipient’s email address or mobile number is needed for a user to send money directly from their bank account to the recipient’s bank account.

Compliance Problems

The company has received negative publicity for fraud incidents in which bank customers’ accounts were compromised through social engineering and Zelle then set up by the fraudsters and used to transfer funds out of the victims’ accounts, leaving victims with little practical or legal recourse. In some cases, bank customers have been compensated by the banks involved, depending upon the bank and its policies and the specifics of the incident.

Key People

Zelle does not provide much information about the key people behind the company on their website.

Customer review


We rate the company in our “Red Compliance” list due their involvements in several scams.

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