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The
group has posted its logo - which includes a vertical line
bisecting the letter "Z" like a backwards dollar sign - on (www.zellepay.com),
said Andrew Tilbury, a branding consultant and spokesman hired
by the bank consortium, Early Warning Services.
Early Warning operates clearXchange, which earlier this year
began connecting banks to allow individuals to send money by
email and text message to people with accounts at other banks
for their immediate use. In the meantime, the group has been
working on its marketing plan.
Zelle is the consortium's response to challenges from Silicon
Valley, such as Venmo, a payments app run by PayPal Holdings
Inc. Venmo has become popular with young adults making payments
to one another for shared expenses, such as rent and lunch tabs.
Banks that are part of clearXchange include Bank of America
Corp, Capital One Financial Corp, JPMorgan Chase & Co, U.S.
Bancorp and Wells Fargo & Co.
Tilbury said the brand name Zelle was chosen after considering
several names. The banks selected it because it "feels more
personal than product-like." He said it has an "approachable
personality" that "will help financial institutions create and
build relationships."
The choice of the name Zelle was first reported on Wednesday by
the Wall Street Journal.
(Editing by Matthew Lewis)
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