What is Zelle
Zelle is a digital wallet payments service founded in June 2017 by co-founder Mike Kennedy. It is a mobile wallet. A mobile wallet stores the information on a mobile device and you can pay with your phone(once the app is installed).
Zelle is owned by Early Warning Services, a company owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo.
Zelle, clearXchange and Early Warning Services
Zelle was formerly known as clearXchange. ClearXchange was a company founded by Bank of America, JPMorgan Chase, and Wells Fargo in April 2011. Later on, Capital One and JPMorgan Chase joined with clearXchange as additional partners. As a result, clearXchange was sold to Early Warning Services in 2016. In December 2017, clearXchange was rebranded as Zelle but clearXchange is still being used as the ‘Online version of Zelle’. clearXchange will become Zelle in the future. When this happens, the users will be notified and will be given plenty of time before the transit actually occurs. Zelle is an enhanced version of clearXchange and works faster.