[kevinr]

Zelle is not really the same thing as what WePay does. Zelle is peer-to-peer payments, competitive with Paypal, Square Cash, Venmo, etc. (P2P is a term of art in the industry; it's not P2P in the Bittorrent sense. :)

WePay is about providing payments infrastructure to marketplaces and crowdfunding platforms (Lyft, GoFundMe, etc.). WePay are competitive with Stripe's Connect product (disclaimer: my employer). Braintree and Adyen also have similar products.

Congrats to the WePay folks. I hope this new chapter works out well for them!

[DaiPlusPlus]

Zelle is more than that: Zelle is a new interbank network for free and instant money transfers that avoids the Federal Reserve ACH system that PayPal, SquareCash, etc use which takes 24-36 business hours for money to move.

I'm surprised that Zelle is moving so slowly - it's a great selling point for a bank/CU. Alas, the system doesn't allow for non-personal payments, so the banks want to preserve their commercial payments processing income.

[jdmichal]

Zelle is not new. Zelle has existed as clearXchange since 2011. The Zelle branding is new as of 2016, but the underlying service has not changed. Most of the participating banks individually branded the service prior to the Zelle rebranding.

https://en.wikipedia.org/wiki/ClearXchange