zelle app pnc

At this time, only those enrolled with Zelle® through their banking app are able to send and receive money with eligible business accounts. If you use Wells Fargo Online or the Wells Fargo Mobile app then Zelle® is at your fingertips. Recipient is not a Wells Fargo customer? No problem. You don't. for treasury management at PNC, which is connected to both TCH's RTP network and the bank-backed Zelle peer-to-peer transfer app.

Zelle app pnc -

Enroll in Zelle to quickly send and receive money

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Источник: https://www.chase.com/personal/zelle

Zelle, the real-time Venmo competitor backed by over 30 U.S. banks, arrives this month

The U.S. banking industry’s answer to Venmo has now arrived. Starting this month, a new, person-to-person payments network called Zelle will roll out to the over 86 million mobile banking customers here in the U.S., promising a faster form of digital payments compared with apps like PayPal, Venmo, Square Cash, and others. Instead of transfers taking place overnight or after a couple of days, Zelle users can move funds from one bank to another in a matter of minutes.

While banks have always had the means to offer instant transfers, the current system required that customers have the account and routing numbers for the associated accounts. Zelle, meanwhile, is meant to offer a simpler method – like today’s popular payment apps, Zelle users only have to know information like a person’s phone number or email.

The service has been in the works since 2011, when Bank of America, Wells Fargo and JPMorgan Chase teamed up to work on a digital payments solution that would allow their customers to send money to each other through a join venture then called clearXchange.

But the consortium dragged its feet in terms of adding more partners over the years that followed. However, it last year saw some renewed vigor. ClearXchange rebranded to become the more consumer-friendly “Zelle” last summer. Then, in October, the bank-owned entity Early Warning – which has been running clearXchange for several years – announced that Zelle then had 19 U.S. financial institutions on board, and promised a Zelle launch in early 2017.

Zelle missed that launch time frame by a bit, but it’s finally shipping.

According to an announcement from Early Warning released this morning, Zelle will begin rolling out to partner institutions starting this week, and that will continue over the course of the next 12 months. Instead of being a standalone mobile app, like Venmo, Zelle instead will initially become available within the mobile banking apps of the participating financial institutions.

This list of supported banks includes the following (in alphabetic order): Ally Bank, Bank of America, Bank of Hawaii, Bank of the West, BB&T, BECU, Capital One, Citi, Citizens Bank, Comerica Bank, ConnectOne Bank, Dollar Bank, Fifth Third Bank, FirstBank, First Tech Federal Credit Union, First Tennessee Bank, First National Bank, Frederick County Bank, Frost Bank, HomeStreet Bank, JP Morgan Chase, KeyBank, M&T Bank, MB Financial Bank, Morgan Stanley, PNC Bank, SchoolsFirst Federal Credit Union, Star One Credit Union, SunTrust Bank, TD Bank, USAA, U.S. Bank, and Wells Fargo.

To make the system work, Early Warning also has strategic partnerships with top payment processors in the banking industry, including CO-OP Financial Services , FIS, Fiserv, and Jack Henry and Associates. These agreements, it says, will help to expand Zelle to community banks and credit unions going forward.

Some U.S. banks had already been using the clearXchange Network, which is the foundation for Zelle. In Q1 2017, over 51 million transactions flowed through this network, totalling over $16 billion. And in 2016, the network had supported $55 billion in P2P transactions, says Early Warning. That’s far larger than Venmo, which recently reported $6.8 billion in total payments volume in its last quarter.

With Zelle, the goal is to take the existing clearXchange network and make it known to consumers, who – as with Venmo – will only need to know a person’s phone or email to use it. Like Venmo, Zelle is meant for the same sort of quick, personal payments – like splitting the dinner bill with friends or roommates collecting utility and rent money from one another.

“Fragmentation has been frustrating for consumers. Inconsistent experiences, have made it difficult to send and receive money between banks,” said Paul Finch, Chief Executive Officer, Early Warning Services, in a statement about Zelle’s launch. “Zelle unites the financial community behind a single, real-time P2P payments experience for millions of consumers,” he adds.

“Together, we are removing friction from finance, allowing money to move seamlessly between accounts in minutes. This revolution in money movement will create for consumers a viable alternative to checks and cash.”

Zelle will work on bank’s websites and in their apps. After the sender provides the email or phone number and amount, the recipient gets a notification that explains how they can can complete the payment. The money will then be available minutes later. A Zelle app will arrive at a later point, but Early Warning declined to say when beyond “the coming months.”

Consumers are being advised to check with their bank for details on when Zelle will work at their bank, as the rollout varies between the different institutions.

Источник: https://techcrunch.com/2017/06/12/zelle-the-real-time-venmo-competitor-backed-by-over-30-u-s-banks-arrives-this-month/

JP Morgan, Bank of America join forces to take down Venmo

A collection of the biggest names in American banking, including JP Morgan Chase, Bank of America and Wells Fargo are all partnering to add integration with a new mobile payments network called Zelle, competing with the dominant force in the industry, Venmo.

The network, created by a company called Early Warning, is an effort by the banking sector to create a payments system that rivals the popular Venmo as the premiere way to share money. The network will also be integrated with a number of banking partners’ first-party mobile applications.

“The goal of Zelle is to offer consumers a consistent, easy, quick and secure experience to send and receive payments with each other,” said Andrew Tilbury, senior marketing strategist for Early Warning.
The larger the network, the greater the value to consumers who are looking for faster, secure ways to send and receive money with anyone in their lives.

“On the business side, the goal is to partner with banks and credit unions of all sizes to make the consistent user experience offered through Zelle increasingly accessible.” 

Venmo challenger

The current market for money sharing apps, particularly from consumer to consumer is dominated by Venmo.

The startup, which is owned by PayPal, originated from the tech world and has controlled the field of consumer-facing money sharing. Zelle is seeking to bring some of that money sharing business back to banks who have been left out since the rise of Venmo.

Zelle users will have two options, depending on what bank they use, when deciding how to send and receive money. If users do not belong to a bank that has partnered with Zelle, they can simply use the Zelle mobile app and send money through it.

Anyone with a valid checkings or savings account, regardless of what bank that account comes from, will be able to use the Zelle app.

If they do belong to one of those banks who have partnered with the new app, they can find a ZellePay option integrated into their bank’s mobile app, allowing them to send money directly to and from their bank account, without having to have their money wait in limbo on Venmo’s or other payment app’s networks.

Considering the banks that have partnered, many Americans should not have trouble finding Zelle on their bank’s app. Banks such as JP Morgan Chase, Bank of America and Wells Fargo will all be integrating Zelle into their mobile apps.

Other partnering banks include PNC, Citibank and U.S. Bank, as well as a host of other smaller financial institutions.

Zelle is also partnering with a variety of payment providers and credit card companies, including Mastercard and Visa, to provide consumers with a range of options for using Zelle and financial companies many ways to connect with consumers.

Middleman
As popular as Venmo is, it has met some resistance from users who are uncomfortable with the idea that their money is being from their bank account funneled into a Venmo account, then transferred to a friend’s Venmo account, which can finally be deposited into that friend’s bank account.

For many, this amount of separation from bank account to bank account and the multiple steps that come between the two can be an uncomfortable experience. A Gizmodo editorial from earlier this year voiced this concern strongly (see story).

Zelle solves this problem by connecting users’ bank accounts directly to the bank accounts of the friends they are trying to share money with. This is accomplished through Zelle’s comprehensive partnership with a wide variety of popular banks and financial services.

Early Warning and Zelle are trying to cut out the middle man when it comes to sharing payments in the hopes that banks can get a cut of the prime market of mobile money sharing, which has taken off in the wake of Venmo and its similar competitors such as Google Wallet and Square Cash.

“Since Zelle is offered by and embedded within financial institutions, there are no 3rd party stored value amounts, no inputting sensitive login information into 3rd party apps, and no waiting for your money to transfer into your account,” Mr. Tillbury said.










Источник: https://www.retaildive.com/ex/mobilecommercedaily/jp-morgan-bank-of-america-and-more-join-forces-on-new-mobile-payment-sharing-app

What Is Zelle And How Does It Work?

Mobile payment apps and peer-to-peer (P2P) payment tools are making it easier and faster for people to send money to their friends and family, and for small businesses to pay vendors or get paid by their customers.

Along with PayPal, Venmo, and other popular mobile payment options, Zelle is another P2P payment solution that could help you send money faster, get paid back by friends or manage your small business invoices more efficiently—all with no fees.

Here’s a closer look at Zelle and how it could help improve your financial life.

What Is Zelle?

Zelle is a method of making payments that lets you send money easily, quickly and securely from your own bank account to anyone you choose. To use Zelle, if your bank offers it, all you need to send money is the other person’s email address or phone number. Zelle doesn’t charge any fees.

Zelle transactions typically only take a few minutes. If you are sending money to someone who has not yet enrolled in Zelle, it might take one to three business days for them to receive their money after completing enrollment.

In 2020, Zelle users sent a total of $307 billion on 1.2 billion transactions, and nearly 500 new financial institutions joined the Zelle network. Zelle is now available in the mobile apps of over 1,000 banks and credit unions.

How Does Zelle Work?

Zelle lets you send money directly from your bank account to someone else’s bank account, and there are no fees. It typically only takes a few minutes for funds to move between accounts.

If your bank or credit union offers Zelle, you can sign up for Zelle through your existing bank account online or through the financial institution’s mobile app. But even if your bank doesn’t offer Zelle yet, you can still use Zelle by downloading and signing up for the Zelle mobile app.

Here is the process for how to use Zelle.

1. Decide Who You Want To Pay With Zelle

Zelle is best for sending payments to people you know and trust, like your friends or family. For example, if you went out to dinner with friends and want to pay your friend back for your share of the meal, you can use Zelle to send your friend $50. You can also use Zelle for certain service providers or small businesses you know and work with regularly, like a babysitter, lawn care professional or hairstylist.

2. See if Your Bank or Credit Union Offers Zelle

If so, use their website or mobile app to sign up to use Zelle. If your financial institution offers Zelle, it will usually be listed as an option under the Transfers menu on the app or website. If not, you can download the Zelle app and sign up for a Zelle account there.

3. Get Your Friend’s Email Address or Phone Number

You can use Zelle to send money to anyone with a U.S. bank or credit union account. All you need is their current email or U.S. mobile phone number. Make sure it’s spelled correctly.

4. Decide How Much To Send

Different banks and credit unions have various limits on how much money you can send with Zelle. If your bank or credit union does not offer Zelle, and you need to use the Zelle app, you are limited to sending $500 per week via the Zelle app. Zelle may be best for small, fast payments. If you need to send a larger amount of money, you may want to choose a different payment option.

5. Send the Money

If your friend or family member is already enrolled in Zelle, the money will go directly into their bank account within minutes. If they are not already enrolled in Zelle, they will receive a text or email message telling them how to get the money. You don’t have to enter any bank account details. Zelle moves the money from one financial institution to the other.

Who Owns Zelle?

Zelle is a product of Early Warning Services, LLC, a fintech company owned by seven of America’s largest banks: Bank of America, BB&T (now Truist), Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo. Because Zelle was founded by banks for banks, it helps financial institutions of all sizes to offer a digital payments feature that improves the customer experience while reducing the bank’s costs.

According to Early Warning survey data, financial institutions that use Zelle have seen a 12% reduction in the number of checks written, a 2% decrease in checking account customers leaving to competitors and a 5% average improvement in the bank or credit union’s Reputation Institute Index score among customers who use Zelle, compared to non-Zelle customers.

Zelle helps banks and credit unions move money fast and securely, while delivering a better digital banking experience for their customers. This is another reason why Zelle is one of the best ways to send money to friends and family fast.

What Are the Zelle Transfer Limits?

Check with your bank or credit union to see how much money they will let you send with Zelle. Banks may have different limits for how much you can send or receive. For example:

  • Bank of America requires customers to stay within its maximum Zelle transfer limit of $3,500 per day, which can be sent to any other individual person.
  • Chase allows personal checking account customers to send up to $2,000 in a single Zelle transaction, up to $2,000 per day, with higher Zelle transfer limits for Private Client/Private Banking or business checking account customers.
  • Wells Fargo allows a $3,500 daily Zelle transfer limit to established Zelle users and may have a lower limit for new Zelle users.

If your financial institution does not offer Zelle, you can use the Zelle app to send up to $500 per week.

Is Zelle Safe?

Zelle is generally considered a safe, secure way to send money. That’s because Zelle transactions don’t require you to share any sensitive financial information. Also, your bank or credit union should have authentication and monitoring features in place to help ensure you are the person authorizing your Zelle payments.

Zelle is fast, convenient and free, and works similarly to cash. But that level of no-fee convenience also means that Zelle doesn’t have the same payment protections that people have come to expect from a credit card or debit card (which generally protects people from fraudulent charges). For these reasons, Zelle should only be used to pay people you know and trust: friends, family and some trusted small business owners.

Do not use Zelle to buy from online sellers or send large amounts of money to people you don’t know well. Zelle payments cannot be canceled if the recipient is already enrolled in Zelle, so double-check before you hit Send. And make sure you have the correct mobile phone number or email address of the person that you want to pay. This helps ensure your money will be sent to the right person.

Frequently Asked Questions (FAQs)

How can I find out if my bank or credit union uses Zelle?

Check with your financial institution. Search their website or mobile app, or look under the Transfers menu, to see if Zelle is available at your bank or credit union. Zelle also has a searchable list of participating banks and credit unions on its website.

Can I use Zelle if I don’t have a smartphone?

If your bank or credit union offers Zelle, you can use its online banking website to send or receive Zelle payments, even if you do not have a smartphone. However, if your institution does not offer Zelle, and you do not have a smartphone to download the Zelle mobile app, you will not be able to use Zelle.

Can I get paid via Zelle?

Yes. Zelle isn’t just for sending money, you can also use it to receive disbursements from companies, universities, government agencies or any other organization that may owe you money. For example, if your university owes you a refund, your insurance company needs to send you money for a claim or you need to get paid by a company or organization, you might ask to get paid via Zelle so your money arrives faster, instead of waiting for a check or setting up direct deposit.

Can I use Zelle for my small business, or to pay a small business?

Yes. Zelle can be a great way to get paid as a small business owner, because it’s fast and there are no fees. If your customers’ payment amounts are within their daily Zelle transfer limits, you may want to encourage them to pay you via Zelle, getting money into your bank account faster than a check or ACH transfer.

However, if you’re a consumer who is thinking about using Zelle to pay a small business owner for products or services, keep in mind that Zelle does not have the same payment protections as a credit card or debit card. If you are not happy with the product or if the business engages in fraudulent practices, you might not have the same chances of getting a refund for a Zelle payment. So make sure you use Zelle only with small businesses and service providers that you know and trust. If you want bigger security protection, use a credit card to make your payment.

 

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Источник: https://www.forbes.com/advisor/banking/what-is-zelle-how-does-it-work/

Send more than holiday cheer with Zelle®

You can send, request, or receive money with Zelle. To get started, log into your mobile banking app and select “Send Money with Zelle." Following the prompts, enter the information requested, accept the terms and conditions, and you’re ready to start sending and receiving with Zelle.

To send money using Zelle, simply select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile phone number), add the amount you’d like to send and an optional note, review, then hit “Send.” In most cases, the money is available to your recipient in minutes1.

To request money using Zelle, choose “Request,” select the individual from whom you’d like to request money, enter the amount you’d like to request, include an optional note, review and hit “Request”4.

To receive money, just share your enrolled email address or U.S. mobile phone number with a friend and ask them to send you money with Zelle.

Источник: https://www.fcbanking.com/personal/digital-banking-services/zelle/

Person-to-person payment app Zelle was created by several big U.S. banks in response to the surging popularity of Venmo, Square (NYSE: SQ) Cash, and other payment platforms.

In this clip from Industry Focus: Financials, host Shannon Jones and Fool.com contributor Matt Frankel give listeners a rundown of how Zelle was created and the success it's had so far.

A full transcript follows the video.

More From The Motley Fool

This video was recorded on Aug. 31, 2018.

Shannon Jones: Let's dive into the next big player in the peer-to-peer payments space, and that would be Zelle. Zelle is unique in a number of ways, but more specifically in its relation to the big banks. It's even been referred to as the banks' answer to Venmo. One of the interesting things about Zelle is, initially, big financial institutions had been pretty muted in terms of interest in the mobile peer-to-peer payments space. But with a huge market opportunity, plus, also you're seeing many of the banks starting to invest heavily in technology, many of them are now getting on board. One key player behind all of that is Zelle. Matt, what can you tell us about how Zelle works and how it's playing with the major banks?

Matt Frankel: Zelle is definitely the banks' answer to person-to-person payment apps like Venmo and Square Cash. It's the newest out of the three. In its current form, Zelle launched just last year in 2017. My guess is that the banks saw this turning into, as you mentioned, a $100 billion annual industry and wanted their piece of it. They're afraid of getting left behind. Zelle specifically is owned by a partnership between a bunch of big banks -- Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo are the seven that all own a piece of Zelle. So, if you notice Zelle all of a sudden integrated into your Wells Fargo account, for example, that's why.

Zelle has a few unique features to it in opposition to Venmo. First, you don't need a separate account to use it. Venmo, you essentially create a Venmo account where you loan money, like a PayPal account. With Zelle, you don't need a separate account. It uses your existing bank account to transfer to your friend or whoever you're buying something from, to transfer to their bank account. Zelle also has very fast processing times. In most cases, the transactions are processed virtually instantly.

Zelle is the banks' answer. It's the biggest of the three in terms of payment volume. It did about $75 billion in payment volume in 2017. It's doing really well so far. It's really having the intended effect of keeping a lot of person-to-person payments in these banks' ecosystem.

Jones: You mentioned that $75 billion in transactions last year. Just to note, that was actually more than twice the amount of money that customers transferred with Venmo, a huge rival. I really think it comes down to their competitive advantage, which is really their integration. When you look at the peer-to-peer payments space, oftentimes you think of millennials and mobile apps, because, as you mentioned, Matt, Zelle is built right into the existing legacy platform of these banks. It really is extremely seamless. I've used Zelle within my own banking platform. It didn't even feel like I was doing anything different as I would be from transferring money from one account to another account. It was really that easy and that seamless. I think that's a huge advantage, especially as you think about older demographics, who may be a little bit more sensitive to, first downloading an app on a phone, inputting credit card or debit card information, and then sending money to someone. I think that Zelle has really opened up the gates to a much wider demographic long-term. It's no shock there to see just how fast they're growing.

I think there's also the advantage of the relative amount of safety when you're doing it from within your own bank. When I went to transfer from myself to my sister recently, I was really impressed at just how seamless it was. I didn't have to worry about having my credit card information in another third-party app and sending that over. Granted, it's not foolproof. There have been some cases noted in the media where people who transferred through Zelle may put in the wrong phone number or whatever, it goes to the wrong person. But there's an inherent level of safety, of comfort, that I think appeals to a much broader audience with Zelle moving forward.

So, yeah, I could definitely see Zelle continuing to expand. Also, going back to eMarketer, the marketing research agency, they actually noted they think Zelle could become the most popular platform by 2022 as more and more institutions continue to integrate it into their systems.

Frankel: Yeah, definitely. Zelle definitely has the advantage of people not having to go to a third party to take advantage of the ability to send person to person payments. As you said, people who are not millennials, like the late adopters like me, Zelle was actually the first one I used out of all those just because it was already integrated into my bank account and I didn't have to learn anything new. I'm a borderline millennial. That's why I eventually went to the Venmo direction.

Anyway, Zelle has that advantage. They already have a built-in customer base. That is their advantage, and why they're already the biggest in terms of payment volume, and will probably remain the largest in space, at least for the foreseeable future.

Matthew Frankel, CFP owns shares of BAC and Square and has the following options: short December 2018 $90 calls on Square. Shannon Jones has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends PYPL and Square. The Motley Fool has the following options: short September 2018 $80 calls on Square. The Motley Fool has a disclosure policy.

Источник: https://finance.yahoo.com/news/zelle-banking-industry-apos-response-151937524.html
CYBERSCOOP

Information security and access to third-party data are at the heart of a dispute between an established financial giant and Venmo, the PayPal-owned payment app that’s challenged big banks.

Customers from Pittsburgh-based PNC Bank have complained in recent months that they no longer can transfer funds to their Venmo accounts. The change disrupted financial transfers, and has resulted in a public back-and-forth between Venmo and the bank.

Venmo has told users to tweet complaints at PNC. In turn, PNC has encouraged frustrated customers to move to Zelle, a Venmo competitor operated by a network of banks.

In an Oct. 29 tweet, PNC’s customer service account said the bank has made a “security enhancement” which “may be causing difficulty when you try to link your PNC [account] with Venmo.” As part of its security upgrade, PNC stopped Plaid, a third-party data aggregator, from accessing PNC customers’ account and routing information, the Wall Street Journal reported.

PNC stopped data collection after determining “multiple different aggregators” had tried subverting the bank’s security controls, executives told the Journal.

PNC customers still can use Venmo by manually entering their account information. But the dustup demonstrates the power major firms like PNC Bank have to influence other, smaller firms throughout their supply chain to harden defenses, or even just change their behavior, in the name of stronger security.

Business considerations might be a convenient part of that calculus, too.

Some 900,000 PNC bank customers, or 14%, rely on apps underpinned by data from Plaid, according to the Pittsburgh Post-Gazette. The startup, valued at $2.7 billion at its last funding round, also connects U.S. bank customers to financial services like Robinhood, Coinbase and Gemini. Plaid has said its made the necessary changes to continue working with PNC bank.

It’s not just PNC Bank that’s tried to influence other business, though, whether for competitive or security reasons. Third-party security assessments quietly have evolved in recent years as high-profile data breaches, like the 2013 incident at Target, which began with an HVAC vendor, have forced more companies to recognize an outside vendor’s failure to protect sensitive data could provide hackers with a gateway into their own systems.

-In this Story-

financial, PayPal, PNC Bank, third-party risk, Venmo, Zelle

Источник: https://www.cyberscoop.com/pnc-venmo-third-party-data-zelle-plaid/

Venmo and PNC Bank are fighting over third-party data access

Written by Jeff Stone
Dec 17, 2019

CLEVELAND, Ohio -- Mobile payment apps are becoming an everyday convenience for splitting a restaurant bill or paying a friend for a movie ticket.

But users aren’t always aware where the banking information they give a financial app like Venmo is going.

The spread of data online -- largely without user knowledge -- is a hot-button topic as more people use their phones to bank, shop and store valuable information such as insurance or passport details.

In the case of Venmo, banking log-in credentials are sent to an aggregator called Plaid. Plaid is the connector between banks and the app, taking a user’s information and using it to unlock the bank account.

Plaid connects more than a quarter of U.S. bank accounts to financial services apps, according to CNBC.

“I would absolutely not share any kind of username, password or credential with why is caffeine bad for you when your pregnant kind of third-party service,” Baldwin Wallace assistant professor Brian Krupp said. “I think you have to take a step back and ask if the service is worth me sharing information with the potential of it being compromised.”

The company collects banking user names and passwords, but also can scrape information like account balances, user device information, loan balances and more. What they collect depends on what app you’re using, according to its website.

“The biggest issue (with third-party apps in general) is that users don’t have fine-grained control over their privacy,” Krupp, who leads a mobile, privacy and security research group, said. “So you have no way of telling whether or not that app is sending that information to advertisers, servers (or) whether it’s selling it off.”

Venmo or parent company, Paypal, did not respond to request for comment for this story.

Who do you trust with your data?

The Pew Charitable Trusts in 2019 conducted a survey on mobile payments, which found 56 percent of adults had made a mobile purchase in the last year. Mobile transactions are defined as transactions conducted via smartphone apps.

But, the same survey showed that showed that consumers trusted debit and credit card security more than they did mobile payments.

Pittsburgh-based PNC started to alert its consumers recently about potential problems with financial apps and third-party data aggregators.

“The fact that the sensitive information outlined above is maintained by an outside party is concerning,” a post on PNC’s website reads. “Of particular concern to us is the storage of account numbers by a third party, because fraudsters, if armed with this information, would have the access they need to move money from our customer accounts.”

PNC zelle app pnc with Zelle, one of Venmo's biggest competitors. Zelle, which also maintains a stand-alone app, partners with hundreds of banks to allow customers to send money digitally.

Zelle is often built into the bank’s online or mobile services. For example, what was once Chase QuickPay is now Chase QuickPay with Zelle.

PNC customers complained in December that recent security upgrades stopped them from connecting their accounts to financial apps, including Venmo, according to the Pittsburgh Post-Gazette.

The issue was that the Plaid data aggregator didn’t meet PNC’s new security requirements. Though there seemed to be manual workarounds, some claimed that PNC worked to divert customers away from Venmo to Zelle, which the bank denied.

Other banks have issued warnings about providing bank information to outside apps. Chase’s CEO addressed concerns in a 2015 shareholders letter, but took a different approach to boosting security.

The bank signed an agreement with Plaid and other financial tech services like Intuit, which powers budgeting app Mint and tax software TurboTax. Instead of copying user information this agreement would allow Chase to share information with the services through a secure portal.

“There’s not an answer that would say because your bank is part of your partnership that you’re good to go,” Krupp said. “From my experience in industry in those type of integrations, you can put more trust in that because now your bank is taking accountability.”

Krupp said direct partnerships like the one between Zelle and its member banks work differently; the app doesn’t take a user’s credentials and log in. Instead, the app asks the bank to confirm the user’s identity. Krupp compares it to a “handshake.”

How do you protect your data?

PNC on its website states it supports secure financial app use, and that it’s working on better ways to connect with financial apps. The bank issued a list of recommendations when choosing financial apps.

PNC advises making sure whatever app you’re using encrypts its data. Encrypted data is coded and can only be decoded by the correct encryption key.

Both Venmo and Plaid use encryption to protect consumer data, according to the companies’ respective websites.

Krupp, who favors Apple Pay, advises checking on how services make their money before trusting them with information. Facebook and Google aren’t paid services for most users, but information is being used for targeted advertising.

“If I’m not paying for it, typically it’s going to be in some form of data that I shared.”

Resources:

-- PNC’s blog post on third-party financial data aggregators

-- Krupp’s research group website

-- A website which shows whether login credentials associated with your password have been leaked

-- The website for the Electronic Frontier Foundation, which shares information surrounding data privacy

Источник: https://www.cleveland.com/news/2020/01/zelle-vs-venmo-what-to-know-about-security-on-cash-sending-apps.html
CYBERSCOOP

Information security and access to third-party data are at the heart of a dispute between an established financial giant and Venmo, the PayPal-owned payment app that’s challenged big banks.

Customers from Pittsburgh-based PNC Bank have complained in recent months that they no longer can transfer funds to their Venmo accounts. The change disrupted financial transfers, and has resulted in a public back-and-forth between Venmo and the bank.

Venmo has told users to tweet complaints at PNC. In turn, PNC has encouraged frustrated customers to move to Zelle, a Venmo competitor operated by a network of banks.

In an Oct. 29 tweet, PNC’s customer service account said the bank has made a “security enhancement” which “may be causing difficulty when you try to link your PNC [account] with Venmo.” As part of its security upgrade, PNC stopped Plaid, a third-party data aggregator, from accessing PNC customers’ account and routing information, the Wall Street Journal reported.

PNC stopped data collection after determining “multiple different aggregators” had tried subverting the bank’s security controls, executives told the Journal.

PNC customers still can use Venmo by manually entering their account information. But the dustup demonstrates the power major firms like PNC Bank have to influence other, smaller firms throughout their supply chain to harden defenses, or even just change their behavior, in the name of stronger security.

Business considerations might be a convenient part of that calculus, too.

Some 900,000 PNC bank customers, or 14%, rely on apps underpinned by data from Plaid, according to the Pittsburgh Post-Gazette. The startup, valued at $2.7 billion at its last funding round, also connects U.S. bank customers to financial services like Robinhood, Coinbase and Gemini. Plaid has said its made the necessary changes to continue working with PNC bank.

It’s not just PNC Bank that’s tried to influence other business, though, whether for competitive or security reasons. Third-party security assessments quietly have evolved in recent years as high-profile data breaches, like the 2013 incident at Target, which began with an HVAC vendor, have forced more companies to recognize an outside vendor’s failure to protect sensitive data could provide hackers with a gateway into their own systems.

-In this Story-

financial, PayPal, PNC Bank, third-party risk, Venmo, Zelle

Источник: https://www.cyberscoop.com/pnc-venmo-third-party-data-zelle-plaid/

What Is Zelle And How Does It Work?

Mobile payment apps and peer-to-peer (P2P) payment tools are making it easier and faster for people to send money to their friends and family, zelle app pnc for small businesses to pay vendors or get paid by their customers.

Along with PayPal, Venmo, and other popular mobile payment options, Zelle is another P2P payment solution that could help you send money faster, get paid back by friends or manage your small business invoices more efficiently—all with no fees.

Here’s a closer look at Zelle and how it could help improve your financial life.

What Is Zelle?

Zelle is a method of making payments that lets you send money easily, quickly and securely from your own bank account to anyone you choose. To use Zelle, if your bank offers it, all you need to send money is the other person’s email address or phone number. Zelle doesn’t charge any fees.

Zelle transactions typically only take a few minutes. If you are sending money to someone who has not yet enrolled in Zelle, it might take one to three business days for them to receive their money after completing enrollment.

In 2020, Zelle users sent a total of $307 billion on 1.2 billion transactions, and nearly 500 new financial institutions joined the Zelle network. Zelle is now available in the mobile apps of over 1,000 banks and credit unions.

How Does Zelle Work?

Zelle lets you send money directly from your bank account to someone else’s bank account, and there are no fees. It typically only takes a few minutes for funds to move between accounts.

If your bank or credit union offers Zelle, you can sign up for Zelle through your existing bank account online or through the financial institution’s mobile app. But even if your bank doesn’t offer Zelle yet, you can still use Zelle by downloading and signing up for the Zelle mobile app.

Here is the process for how to use Zelle.

1. Decide Who You Want To Pay With Zelle

Zelle is best for sending payments to people you know and trust, like your friends or family. For example, if you went out to dinner with friends and want to pay your friend back for your share of the meal, you can use Zelle to send your friend $50. You can also use Zelle for certain service providers or small businesses you know and work with regularly, like a babysitter, lawn care professional or hairstylist.

2. See if Your Bank or Credit Union Offers Zelle

If so, use their website or mobile app to sign up to zelle app pnc Zelle. If your financial institution offers Zelle, it will usually be listed as an option under the Transfers menu on the app or website. If not, you can download the Zelle app and sign up for a Zelle account there.

3. Get Your Friend’s Email Address or Phone Number

You can use Zelle to send money to anyone with a U.S. bank or credit union account. All you need is their current email or U.S. mobile phone number. Make sure it’s spelled correctly.

4. Decide How Much To Send

Different banks zelle app pnc credit unions have various limits on how much money you can send with Zelle. If your bank or credit union does not offer Zelle, and you need to use the Zelle app, you are limited to sending $500 per week via the Zelle app. Zelle may be best for small, fast payments. If you need to send a larger amount of money, you may want to choose a different payment option.

5. Send the Money

If your friend or family member is already enrolled in Zelle, the money will go directly into their bank account within minutes. If they are not already enrolled in Zelle, they will receive a text or email message telling them how to get the money. You don’t have to enter any bank account details. Zelle moves the money from one financial institution to the other.

Who Owns Zelle?

Zelle is a product of Early Warning Services, LLC, a fintech company owned by seven of America’s largest banks: Bank of America, BB&T (now Truist), Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo. Because Zelle was founded by banks for banks, it helps financial institutions of all sizes to offer a digital payments feature that improves the customer experience while reducing the bank’s costs.

According to Early Warning survey data, financial institutions that use Zelle have seen a 12% reduction in the number of checks written, a 2% decrease in checking account customers leaving to competitors and a 5% average improvement in the bank or credit union’s Zelle app pnc Institute Index score among customers who use Zelle, compared to non-Zelle customers.

Zelle helps banks and credit unions move money fast and securely, while delivering a better digital banking experience for their customers. This is another reason why Zelle is one of the best ways to send money to friends and family fast.

What Are the Zelle Transfer Limits?

Check with your bank or credit union to see how much money they will let you send with Zelle. Banks may have different limits for how much you can send or receive. For example:

  • Bank of America requires customers to stay within its maximum Zelle transfer limit of $3,500 per day, which can be sent to any other individual person.
  • Chase allows personal checking account customers to send up to $2,000 in a single Zelle transaction, up to $2,000 per day, with higher Zelle transfer limits for Private Client/Private Banking or business checking account customers.
  • Wells Fargo allows a $3,500 daily Zelle transfer limit to established Zelle users and may have a lower limit for new Zelle users.

If your financial institution does not offer Zelle, you can use the Zelle app to send up to $500 per week.

Is Zelle Safe?

Zelle is generally considered a safe, secure way to send money. That’s because Zelle transactions don’t require you to share any sensitive financial information. Also, your bank or credit union should have authentication and monitoring features in place to help ensure you are the person authorizing your Zelle payments.

Zelle is fast, convenient and free, and works similarly to cash. But that level of no-fee convenience also means that Zelle doesn’t have the same payment protections that people have come to expect from a credit card or debit card (which generally protects people from fraudulent charges). For these reasons, Zelle should only be used to pay people you know and trust: friends, family and some trusted small business owners.

Do not use Zelle to buy from online sellers or send large amounts of money to people you don’t know well. Zelle payments cannot be canceled if the recipient is already enrolled in Zelle, so double-check before you hit Send. And make sure you have the correct mobile phone number or email address of the person that you want to pay. This helps ensure your money will be sent to the right person.

Frequently Asked Questions (FAQs)

How can I find out if my bank or credit union uses Zelle?

Check with your financial institution. Search their website or mobile app, or look under the Transfers menu, to see if Zelle is available at your bank or credit union. Zelle also has a searchable list of participating banks and credit unions on its website.

Can I use Zelle if I don’t have a smartphone?

If your bank or credit union offers Zelle, you can use its online banking website to send or receive Zelle payments, even if you do not have a smartphone. However, if your institution does not offer Zelle, and you do not have a smartphone to download the Zelle mobile app, you will not be able to use Zelle.

Can Zelle app pnc get paid via Zelle?

Yes. Zelle isn’t just for sending money, you can also use it to receive disbursements from companies, universities, government agencies or any other organization that may owe you money. For example, if your university owes you a refund, your insurance company needs to send you money for a claim or you need to get paid by a company or organization, you might ask to get paid via Zelle so your money arrives faster, instead of waiting for a check or setting up direct deposit.

Can I use Zelle for my small business, or to pay a small business?

Yes. Zelle can be a great way to get paid as a small business owner, because it’s bank of america open now nyc and there are no fees. If your customers’ payment amounts are within their daily Zelle transfer limits, you may want to encourage them to pay you via Zelle, getting money into your bank account faster than a check or ACH transfer.

However, if you’re a consumer who is thinking about using Zelle to pay a small business owner for products or services, keep in mind that Zelle does not have the same payment protections as a credit card or debit card. If you are not happy with the product or if the business engages in fraudulent practices, you might not have the same chances of getting a refund for a Zelle payment. So make sure you use Zelle only with small businesses and service providers that you know and trust. If you want bigger security protection, use a credit card to make your payment.

 

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Источник: https://www.forbes.com/advisor/banking/what-is-zelle-how-does-it-work/

Person-to-person payment app Zelle was created by several big U.S. banks in response to the surging popularity of Venmo, Square (NYSE: SQ) Cash, and other payment platforms.

In this clip from Industry Focus: Financials, host Shannon Jones and Fool.com contributor Matt Frankel give listeners a rundown of how Zelle was created and the success it's had so far.

A full transcript follows the video.

More From The Motley Fool

This video was recorded on Aug. 31, 2018.

Shannon Jones: Let's dive into the next big player in the peer-to-peer payments space, and that would be Zelle. Zelle is unique in a number of ways, but more specifically in its relation to the big banks. It's even been referred to as the banks' answer to Venmo. One of the interesting things about Zelle is, initially, big financial institutions had been pretty muted in terms of interest in the mobile peer-to-peer payments space. But with a huge market opportunity, plus, also you're seeing many of the banks starting to invest heavily in technology, many of them are now getting on board. One key player behind all of that is Zelle. Matt, what can you tell us about how Zelle works and how it's playing with the major banks?

Matt Frankel: Zelle is definitely the banks' answer to person-to-person payment apps like Venmo and Square Cash. It's the newest out of the three. In its current form, Zelle launched just last year in 2017. My guess is that the banks saw this turning into, as you mentioned, a $100 billion annual industry and wanted their piece of it. They're afraid of getting left behind. Zelle specifically is owned by a partnership between a bunch of big banks -- Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo are the seven that all own a piece of Zelle. So, if you notice Zelle all of a sudden integrated into your Wells Fargo account, for example, that's why.

Zelle has a few unique features to it in opposition to Venmo. First, you don't need a separate account to use it. Venmo, you essentially create a Venmo account where you loan money, like a PayPal account. With Zelle, you don't need a separate account. It uses your existing bank account to transfer to your friend or whoever you're buying something from, to transfer to their bank account. Zelle also has very fast processing times. In most cases, the transactions are processed virtually instantly.

Zelle is the banks' answer. It's the biggest of the three in terms of payment volume. It did about $75 billion in payment volume in 2017. It's doing really well so far. It's really having the intended effect of keeping a lot of person-to-person payments in these banks' ecosystem.

Jones: You mentioned that $75 billion in transactions last year. Just to note, that was actually more than twice the amount of money that customers transferred with Venmo, a huge rival. I really think it comes down to their competitive advantage, which is really their integration. When you look at the peer-to-peer payments space, oftentimes you think of millennials and mobile apps, because, as you mentioned, Matt, Zelle is built right into the existing legacy platform of these banks. It really is extremely seamless. I've used Zelle within my own banking platform. It didn't even feel like I was doing anything different as I would be from transferring money from one account to another account. It was really that easy and that seamless. I think that's a huge advantage, especially as you think about older demographics, who may be a little bit more sensitive to, first downloading an app on a phone, inputting credit card or debit card information, and then sending money to someone. I think that Zelle has really opened up the gates to a much wider demographic long-term. It's no shock there to see just how fast they're growing.

I think there's also the advantage of the relative amount of safety when you're doing it from within discover com savings account own bank. When I went to transfer from myself to my sister recently, I was really impressed at just how seamless it was. I didn't have to worry about having my credit card information in another third-party app and sending that over. Granted, it's not foolproof. There have been some cases noted in the media where people who transferred through Zelle may put in the wrong phone number or whatever, it goes to the wrong person. But there's an inherent level of safety, of comfort, that I think appeals to a much broader audience with Zelle moving forward.

So, yeah, I could definitely see Zelle continuing to expand. Also, going back to eMarketer, the marketing research agency, they actually noted they think Zelle could become the most popular platform by 2022 as more and more institutions continue to integrate it into their systems.

Frankel: Yeah, definitely. Zelle definitely has the advantage of people not having to go to a third party to take advantage of the ability to send person to person payments. As you said, people who are not millennials, like the late adopters like me, Zelle was actually the first one I used out of all those just because it was already integrated into my bank account and I didn't have to learn anything new. I'm a borderline millennial. That's why I eventually went to the Venmo direction.

Anyway, Zelle has that advantage. They already have a built-in customer base. That is their advantage, and why they're already the biggest in terms of payment volume, and will probably remain the largest in space, at least for the foreseeable future.

Matthew Frankel, CFP owns shares of BAC and Square and has the following options: short December 2018 $90 calls on Square. Shannon Jones has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends PYPL and Square. The Motley Fool has the following options: short September 2018 $80 calls on Square. The Motley Fool has a disclosure policy.

Источник: https://finance.yahoo.com/news/zelle-banking-industry-apos-response-151937524.html

PNC Bank online money transfers review

PNC Bank requires that customers visit local bank branches to initiate wire transfers, which is far less convenient than many alternative money transfer options.

How do I send money through PNC Bank?

PNC Bank offers multiple ways to send and wire money, including online, mobile and ACH. You must have a checking or savings account to send money through PNC Bank.

Domestic mobile

Using the Zelle payment platform, use your mobile phone to make domestic transfers. Download the PNC app, and enter the recipient’s email address or mobile number, and the amount you’d like to transfer. The recipient doesn’t have zelle app pnc have a PNC Bank account. Transfers between Zelle accounts take minutes. If your recipient doesn’t have a Zelle zelle app pnc, the transfer can take one to three days.

PNC Bank international wire transfer

To send an international wire transfer with PNC Bank, you’ll need to physically visit a PNC Bank branch location.

  1. Visit your local PNC Bank branch in person.
  2. Ask for the Wire Transfer Request form, or tell a PNC Bank employee you want to wire money internationally.
  3. Fill out zelle app pnc Wire Transfer Request form, or have a PNC Bank teller help you fill it out.
  4. Give the Wire Transfer Request form to a PNC Bank teller and confirm you have the funds available to make the transfer.
  5. Collect receipts and transfer delivery information. Be sure to ask for PNC Bank’s Wire Transfer Disclosure Statement so you have the most up-to-date information on fees, rules and regulations.

It is possible to initiate a PNC Bank domestic wire transfer over the phone, but you’ll face additional fees and potential delays.

PNC Zelle app pnc wire transfer fees

PNC Bank’s wire transfer fees depend on how you’re sending the transfer and whether you’re sending or receiving an international wire transfer:

Domestic wire transfer$30$45$15
International wire transfer$45N/A$15
Tracer fee (optional)$15$15N/A

Note: Wire transfer fees from July 2020 for PNC Bank Standard Checking accounts.

PNC Bank’s wire transfer fees are competitive compared to other banks, but are typically worse than using a money transfer company.

How are PNC Bank’s exchange rates?

PNC Bank’s exchange rates compare favorably with other banks. Generally, exchange rates fluctuate based on the market and the currency you’re using. However, you might find foreign exchange linda holliday jupiter fl charge lower fees than banks.

How does PNC Bank compare to other services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.

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Источник: https://www.finder.com/pnc-bank-online-money-transfers
zelle app pnc