Seriously - check out your limits. I can ACH into the 100's of thousands but I can zelle basically nothing - I don't think you could run even a small payroll on zelle or make even a medium sized purchase with it.
The fraud story is horrendous.
The traceability and audit-ability of things is horrendous - seriously -> you CANNOT see where the funds are and no one will tell you / can tell you.
With a cancelled check image I get the back and I can trace down what account it went into if need be.
With a wire I get my reference number and can trace status that way.
With NACHA I can do Payment Trace Requests...
Zelle - forget it, the money is GONE and no way to trace who got it.
Zelle is horrendous and cannot die soon enough. How are people even considering this as a settlement service?
For context - Fedwire does something like trillions of dollars per day in activity. NACHA at least $100B per day+.
Seriously - check out your limits. I can ACH into the 100's of thousands but I can zelle basically nothing - I don't think you could run even a small payroll on zelle or make even a medium sized purchase with it.
The fraud story is horrendous.
The traceability and audit-ability of things is horrendous - seriously -> you CANNOT see where the funds are and no one will tell you / can tell you.
With a cancelled check image I get the back and I can trace down what account it went into if need be.
With a wire I get my reference number and can trace status that way.
With NACHA I can do Payment Trace Requests...
Zelle - forget it, the money is GONE and no way to trace who got it.
Zelle is horrendous and cannot die soon enough. How are people even considering this as a settlement service?
For context - Fedwire does something like trillions of dollars per day in activity. NACHA at least $100B per day+.