[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