How Financial Institutions Adapt to the Challenges of Zelle P2P Payment Growth

Maintain accuracy, speed, and efficiency in reconciliation as channels and transaction volumes grow

Person-to-person (P2P) payments have increased exponentially in recent years. The initial surge happened during the COVID-19 pandemic, but P2P payments options have remained a popular payment channel as consumers are increasingly seeking fast, convenient payment options.

Early Warning Services, LLC, the network operator behind Zelle, reported record payment volume and value in 2023 with 2.9 billion transactions, totaling $806 billion sent. This represents a 28% increase for both transactions and amount sent year-over-year, an over 150% increase in just three years.

The increase in online payments is a boon for consumers and the financial institutions that serve them. While consumers enjoy the time-savings and convenience of digital channels, financial institutions benefit from the increase in transactions. It’s a win-win, but it can be a challenge for finance and accounting.

Download this eBook for tips on how to manage P2P payment growth and avoid the risks it presents to financial institutions not poised to handle the increased transactions.