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Category: Banking

Instant bank transfers are coming to PayPal and Venmo

 PayPal announced this morning a plan to speed up money transfers between its service, Venmo and users’ bank accounts for those with supported MasterCard and Visa debit cards. This new “instant transfers” service will be available at a rate of $0.25 per transaction, and will deliver funds in a matter of minutes, instead of the day or so it typically takes when using PayPal… Read More
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Klarna gets a full banking license, gears up to go beyond financing payments

 After Anders Holch Povlsen and his firm Brightfolk bought up a stake of at least $225 million¬†in Klarna earlier this month, today the profitable Swedish payments startup, now valued at over $2.25 billion, is stepping up its game. Klarna has announced that it has picked up a full banking license from¬†Finansinspektionen, the Swedish Financial Supervisory Authority. The license will give… Read More
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Zelle takes on Venmo from within your bank’s app

From Venmo and PayPal to Facebook Messenger, Google Wallet and even iMessage, there are plenty of ways to send money to your friends online. But these all require your contacts to have accounts set up to receive funds, which often causes friction when you're using different services or they don't want to download new apps. A new tool called Zelle should solve that problem. It works with more than 30 major US banks to allow interbank transfer from within each company's app, so you or your friends don't have to set up new profiles or crowd up your already-cluttered phones with more downloads.

Zelle will be available in the apps of US financial institutions starting this week and over the next 12 months. The list of participating banks so far is impressively comprehensive, including bigger companies like Bank of America, JP Morgan Chase, Capital One, Wells Fargo, Morgan Stanley, Citi, TD Bank as well as regional brands like Bank of Hawaii, First Tennessee Bank, Frederick County Bank and Bank of the West. For the full list, check out Zelle's website here. If your bank hasn't signed on yet, you can still use Zelle by signing up with digital payments network clearXchange. Once you have the service, you can pay your contacts using either their email address or phone number.

Since existing options within bank apps only let you send money to people who have accounts with them, Zelle could make future transfers much easier. If you and your friends already have Venmo or Wallet set up, this may seem like yet another redundant option. But for those who have yet to hop aboard the digital payments bandwagon, this is a more-convenient way to send funds online and avoid sharing your banking information with a third-party service. Now if only international transfers could be as easy.

Source: Zelle

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Zelle, the real-time Venmo competitor backed by over 30 U.S. banks, arrives this month

 The U.S. banking industry’s answer to Venmo has now arrived. Starting this month, a new, person-to-person payments network called Zelle will roll out to the over 86 million mobile banking customers here in the U.S., promising a faster form of digital payments compared with apps like PayPal, Venmo, Square Cash, and others. Instead of transfers taking place overnight or after a couple of… Read More
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