Zelle plans to expand bank-owned payments network to outside US

"Zelle, the bank-owned service that facilitates consumer money movement, said it plans to expand its services internationally. Zelle will rely on stablecoins to enable cross-border money movement, according to a statement Friday from Early Warning Services LLC, Zelle's parent company. All Zelle network banks will have the option to provide the service, according to the statement. Financial-technology firms such as Wise Plc have long operated in the cross-border money-movement space, but the banks' scale gives them an advantage in the crowded market."

"With the passage three months ago of a US regulatory framework for stablecoin issuers, there's now more clarity around how large institutions can use stablecoins in the US and for a venture like Zelle's. Our goal is to bring the trust, speed and convenience of Zelle to consumers' international money-movement needs, Early Warning Services Chief Executive Officer Cameron Fowler said in the statement. With improved regulatory clarity in the US, we can focus on what we do best: driving innovation to market."

Zelle plans to expand services internationally and will rely on stablecoins to enable cross-border money movement. All Zelle network banks will have the option to provide the service. Early Warning Services LLC is Zelle's parent company. Financial-technology firms such as Wise Plc have long operated in the cross-border money-movement space, while banks' scale gives them an advantage in the crowded market. Passage of a US regulatory framework for stablecoin issuers three months ago created more clarity for large institutions to use stablecoins for ventures like Zelle's, enabling a focus on bringing trust, speed and convenience to international transfers.

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