We needed to do something

“We needed to do something in the peer-to-peer space as far as our customers were concerned,” explains Julieann Thurlow, President and CEO of Reading Cooperative Bank, which tested Chuck before it went live. “When we looked at the data, our customers were using Venmo and when we convened a focus group, they basically told us, at least most of the millennials in the room that were using Venmo at the time, that even if we had Zelle, they would continue to use Venmo.”

One key differentiator between Zelle and Venmo is the sociability of the platform. In Venmo, users see all of their friends' public transactions on a live payments feed which includes like and comment features. Zelle transactions are private between the two parties. Venmo and Cash App allow users to hold funds in their platforms, while Zelle moves money between existing bank accounts. Transferring money from your Venmo or Cash App balance to your bank account can take several days, unless you pay a fee.

Chuck’s aim is to connect these networks to offer customers the option to choose which they prefer. Unlike the existing peer-to-peer services, Chuck is an open payments network; individuals send money from their bank app and recipients can choose to accept the funds into their bank account, into Venmo or through an instant transfer via debit card. The platform is designed so that other peer-to-peer services, like Cash App, can be added later if there is demand.

Sean Loosli, head  authorityarrow of consumer and small business payments at Early Warning Services argues Zelle is valuable to banks because it offers them more control over the customer experience. Customers whose banks offer Zelle are more likely to use other products their bank provides, have higher balances or carry more of their funds with that bank, infotainmentbeats according to Loosli. “The more products you have with one bank, the more likely you are to stay with that bank, and put more of your assets with that bank or that credit union,” he says.

Zelle is popular for payments that have traditionally been made using paper checks, including rent payment and gifts. It offers advantages for consumers like increased privacy — the sending party does not need to share their bank account number or routing number, which appear on paper checks — and the fund transfers happen within minutes. The payments are settled over the Automated Clearing House (ACH), The Clearing House’s real-time payments (RTP) network or through card networks like

A growth driver for the service (and its high dollar volume of transactions) is its increasing adoption by businesses, which have traditionally depended on getting paid by paper checks. Zelle has become popular among smaller, service-oriented businesses which are attracted by the fee-free and near-instant settlement it offers. Accepting payment over Zelle also means small businesses are able to avoid the Visa and Mastercard fees charged to merchants who accept payment through bank cards. While Zelle is finding success as a check alternative, Thurlow notes that paper checks are the more economical option from the bank perspectiveInclude your professional practice experience and achievements that match the employer’s job description. It will be easier to pass the application used by life science recruiters with a proper CV. The selection process will only pick the best, so your CV should stand out.