How is Paze◊ building upon the success of Early Warning® and Zelle®? Find out in this webinar with PaymentsJournal.
How does Paze◊, the new wallet offered by banks and credit unions, fit into the product portfolio for Early Warning®? You can find out in a recent PaymentsJournal webinar, where three execs at Early Warning® spoke with Senior Analyst of Merchant Services at Javelin Strategy & Research Daniel Keyes.
According to VP of Product Management Robin Love, Early Warning has shaped the financial industry for over 30 years. “Early Warning offers a suite of services that are leveraged by thousands of institutions, agencies, and merchants across the country to help prevent not only synthetic identity fraud but mule detection, as well as the ability to determine if the applicant is likely to commit first-party fraud or default on the account,” said Love.
Early Warning introduced Zelle® in 2017 to support peer-to-peer (P2P) transactions and small business services. Zelle® is embedded within the mobile banking apps of participants in the network to boost consumer engagement within the apps.
Early Warning has partnered with large institutions to scale Zelle® for more than 2,000 financial institutions and will using a similar playbook to scale Paze.
However, that’s where the similarities end. “Zelle® is focused on digitizing check and cash, and that is not necessarily a Paze principle,” said VP of Market Development Ryan Riveland.
Paze is set to launch to all eligible consumers in 2024. Paze is looking to create a convenient checkout experience for merchants and consumers alike.
“We think that's one of the exciting things that Paze brings from Day 1,” said Paze VP of Product Matt Miller. “It’s the scale of our participating financial institutions and the merchants that we bring onto the program, creating something that addresses that core need of e-commerce purchasing. “And ultimately does it in a way that is meaningful to consumers and brings them the experience that they should have had there all along.”