SunTrust Banks, Inc. (NYSE: STI) announced today that it has officially launched Zelle, giving the bank's Consumer Online and Mobile Banking clients access to a new payments network to quickly and easily send and receive money.
"SunTrust is proud to be an early adopter of Zelle and pleased that our clients can now look to us, their trusted bank, for convenient and secure payments, whether they want to split the check at a restaurant, pay the babysitter or send monetary holiday gifts typically in minutes when both parties are enrolled," said Anil Cheriyan, chief information officer, SunTrust Bank. "SunTrust is committed to helping our clients gain financial confidence, and moving funds efficiently and effectively helps support that objective."
SunTrust is replacing Popmoney with Zelle to enhance the client experience by offering fast payment capabilities and new services, such as the ability to split payments. SunTrust clients can now exchange money, typically in minutes when both parties are enrolled, with consumers who bank at financial institutions within the Zelle Network®. Funds can be sent using just a recipient's email address or U.S. mobile phone number and are made available directly in consumers' bank accounts.
The Zelle Network®, which connects the nation's leading financial institutions, is owned by Early Warning, a provider of payments and risk management solutions. In October 2017, Zelle announced a surge in Q3 payments resulting in more than 60-million real-time person-to-person (P2P) payments, valued at $17.5 billion.
Zelle is now available in SunTrust Online Banking and the SunTrust Mobile App at no charge to clients.