Not everyone is on board with the plan – some JP Morgan executives said it’s not the right time for such a plan, people familiar with the matter told the Journal. The executives said Zelle should focus on protecting against consumer fraud, which has proliferated on the peer-to-peer payment (P2P) network. And regulatory gray areas mean victims often struggle to get banks to refund them for fraudulent charges and scams, the New York Times reported, according to eMarketer.
But other banks support the plan because it could let them set their own rules and fees for payment acceptance. These banks can participate in the scheme individually but would need to get a vote from Zelle’s owners before activating the service across the entire network. Zelle is operated by Early Warning Services, which is owned by seven banks – including JPMorgan, Bank of America, and Wells Fargo.
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