Early Warning
Early Warning Services, the company behind Zelle and the soon-to-launch Paze, partners with over 2,500 banks and credit unions to provide fraud and payment solutions, achieving $806 billion in transaction volume through Zelle in 2023.
Early Warning Services Overview
Early Warning Services has been providing fraud and payment solutions for over three decades. The company partners with more than 2,500 banks and credit unions to deliver comprehensive risk mitigation and payment services. Early Warning Services is recognized for its extensive range of products designed to reduce fraud, ensure compliance with financial regulations, and provide predictive insights into account and payment risk.
Zelle Payment Network
Zelle, a service provided by Early Warning Services, achieved $806 billion in transaction volume in 2023, representing a 28% increase from the previous year. The platform had 120 million consumer and small business accounts in 2023. It witnessed its largest quarter to date in Q4 2023, with users transacting more than $219 billion. Small businesses received 217 million payments and sent 179 million payments through Zelle in 2023, amounting to $100 billion and $113 billion respectively. Notably, less than one-tenth of one percent of transactions were reported as fraud or scams in 2023.
Paze Digital Wallet Service
Paze is a new digital wallet service offered by Early Warning Services, providing flexibility and choice at the point of sale. Paze aims to enhance customer interaction with merchants during checkout, offering an alternative to traditional payment methods. As a product from Early Warning Services, it leverages the company’s extensive experience in secure payment solutions.
Risk Mitigation and Compliance Solutions
Early Warning Services offers various solutions to help financial institutions mitigate risks and comply with regulatory requirements. This includes products like Verify Payment, which helps identify high-risk payments in real-time, and Verify Account, which confirms whether customer information matches the account owner. The company is an official preferred Nacha compliance partner, providing tools to ensure adherence to Nacha rules.
Data Sharing and Predictive Intelligence
Early Warning Services utilizes a National Shared Database resource that operates on a 'give-to-get' model for data sharing. The company's suite of products, such as Predict New Account Risk and Expand Credit Insights, leverage this data to offer predictive intelligence and additional credit products to consumers with limited or no credit history. These tools help financial institutions gain deeper insights and make more informed decisions.