Author: Lisa Kim
Zelle is a payment method that allows you to send money easily, quickly, and securely from your bank account to anyone you choose. With Zelle, Transactions are frequently done in a few seconds.
Presently, Zelle is now available in over 1,000 banks’ and credit unions’ mobile apps. Now let’s talk about some Zelle updates that may be useful for you.
Zelle together with Fiserv start a program to Bring Real-Time Peer-to-Peer Payments to Minority Depository Institutions
Minority Depository Institutions (MDIs) play a significant role for minority and underserved communities. Partnering with Fiserv, MDIs can use the Zelle Network®. This will help the customers to meet their goals and enhance financial benefits.
Fiserv stands for inclusion and diversity and strives to provide customers with equitable access to financial services. Zelle, a real-time payment, enables customers to manage their finances, and MDIs play a key role in bringing these capabilities to underserved communities that can benefit from them most.
The one thing that consumers should do is use Zelle® for sending and receiving money. Now eligible MDIs can sign up or submit their participant agreement to receive special rebates through June 30, 2022.
Zelle’s New Privacy Features
Zelle has announced new privacy features that will give users more control over their data. The new features include a ‘Data Deletion’ tool that will allow users to delete their data from Zelle’s servers and a ‘Data Retention’ policy that will limit the amount of time Zelle keeps user data on its servers.
These new features join others included in Zelle’s since 2019, couple with the ability to block third-party tracking, opt-in geoprivacy, and a ‘Data Subject Access’ feature.
Ability to Block Third-Party Tracking
The ability to block third-party tracking is a change that will give users more control over the cookies and similar technologies that are placed on their websites and in their emails by the Zelle(r) service and its partners. Now, Zelle users may no longer have to worry about their data being collected and used without their consent.
Anti-Scam
Zelle has recently come out with new scam features that allow users to send and receive money without having to provide any personal information. This is a great way to protect yourself from identity theft and fraud, but it also means that you still need to be extra careful when sending money to someone you don’t know.
Before entering your payment address, verify that the app is from Zelle and not from a competing service. Zelle customers can identify the platform by the Zelle logo or the words “est classe #1” ( Claude #1 in French). The logo or the words should be written on the app’s home screen. Only enter your banking credentials into an app from Zelle if you are 100% sure of the identity of the developer.
Conclusion
Zelle is a popular peer-to-peer (P2P) finance platform that allows users to transfer money with their friends directly from their phone applications. Recently, Zelle has announced new features that will protect users from theft and fraud, and enable them to send and receive money without much effort.