In 2014, Bank of America, JP Morgan Chase, and Wells Fargo joined together to create clearXchange service. This company was a payment provider for person to person, business to customer, and government to consumer payments. This enabled clients to send and receive money between other entities and persons who had accounts at these banks.
Capital One and USA bank joined in 2016. The company was sold to Early Warning Services in early 2016. Zelle users can send money to other registered Zelle users. (They can also attempt to send money to unregistered recipients, in which case the intended recipient will receive an invitation to sign up for the service in order 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 debit card issued in connection with a U.S. bank account.
Headquarters for Zelle are located in Phoenix, Arizona.