Zelle and P2P

Posted By: Community Banker

Zelle and P2P - 08/14/20 06:10 PM

Does anyone use Zelle for P2P payments? If so, do you know if they perform real time OFAC scans of transactions? How is everyone making certain that any transactions passing through (from our customer to someone else or from some else to our customer) are being scanned appropriately? Thank you!
Posted By: Valley girl

Re: Zelle and P2P - 08/14/20 08:04 PM

Zelle is from bank account to bank account from what I have read, so the assumption is that the FI's on both ends are performing their due diligence. I am more worried about the Cash App and others where you can fund wallets and prepaid cards.
Posted By: Community Banker

Re: Zelle and P2P - 08/14/20 08:26 PM

Thank you for the feedback. This is in the discussion phase and I'm really not sure of all that the service provides for us yet. Just in doing some online searching, I continue to see - make sure your vendor is performing OFAC searches. Makes sense that the cash app providers are the riskiest.