Informa paying via Zelle in October

I just got notification that come October, Informa will start paying via Zelle, the mobile payment app. Payment can be accepted by participating banks (there is a list on the Zelle website if you're not sure.) If your bank participates with them, it's really easy to set up.

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I love Zelle. For more than 2 years my tenants have paid the rent, having Zelle deposit it directly into my account. When I send my sister funds, I use Zelle. When I return tenants' security deposits, I send via Zelle.

It is fast, very secure and move funds between different bank "brands" with no fee to people like us. I assume that an MSC using it to pay probably is charged a fee.

From what I hear on the business coverage, Zelle already looks like what the Federal Reserve is going to design for inter-bank transfers. Apparently, when that is introduced, ACH transfer will be replaced with the new Fed system.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
Just be vigilant. I found this New York Times article interesting:

Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud
[www.nytimes.com]
I hadn't use Zelle before this but found it much simpler to set up than checkbook io which seems a little clunkier. Glad to know that they are also looking very similar to the Fed System, walesmaven! That probably means it's a more secure system.
Food for thought, Ms V. I noticed that the article is from last year. Hopefully, they've made some adjustments. I know I had to go through 2 step verification to set myself up with Zelle through my bank account but it will pay to be mindful.
@Ms.V wrote:

Just be vigilant. I found this New York Times article interesting:

Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud
[www.nytimes.com]
Friend was scammed for $3,000 on Venmo when the buyer reversed the money after she sent the items.
Your friend wasn't able to dispute it?

@SunnyDays2 wrote:

@Ms.V wrote:

Just be vigilant. I found this New York Times article interesting:

Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud
[www.nytimes.com]
Friend was scammed for $3,000 on Venmo when the buyer reversed the money after she sent the items.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
I would never use VENMO or CASHAPP with someoone I didnt know personally.

A Dad shopping the Ark-LA-Tex and beyond.
I see an opportunity for a new mystery shop project, similar to the Western Union fraud shops. Hope it pays better if it happens!

sestrahelena
Informa specializes in the financial services industries. Their research is much more than MS. I am not surprised that they selected Zelle. If anyone knows that when selecting someone to handle money, picking the low bidder is not a good idea.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
One caveat with Zelle....my bank does not participate with Zelle, so I had to install the Zelle App on my phone. HOWEVER, once it's all installed and set up, to enter the Zelle app, it DOESN'T ASK YOU FOR ANYTHING!! You see your phone number, and then you just CLICK A BUTTON and enter the app!!! I don't understand, because when setting the app up, you have to set up a password, but when you ACTUALLY USE THE APP, it DOESN'T ASK YOU for the password....nope, just click the button and enter the app!

SOooo........I thought I must be doing something wrong, so I called Zelle Customer Service. Nope....I was told that the way the app was set up to be used, there is currently no asking for a password....I told the CS person I could not believe that! I asked that my concern for the availability to use a password to enter the app be conveyed to whoever hears these sorts of things. She told me she would pass it on.

SOOOOoooooo..........if, like me, you have to use the app, and not your bank, make sure you LOCK YOUR PHONE if you have funds that someone could access through Zelle.....and also, CALL THEM and express your concern about this. I can't believe in this day and age that they wouldn't have some sort of password protection for the phone app!!

I'm going to go email Informa about this now.
Call me old-fashioned or paranoid, but I see too much opportunity for your money to go poof! using an app. Don't trust them.
I have been using Zelle for years. Unless you use it on your phone, no problems. Using the PC version, the bad guys would have to have access to your bank account in order to play games. Just do not do on-line banking from an insecure network. THAT is fundamental. I would be reluctant to put my money into a bank that did not offer Zelle, free, to its depositors.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
I heard back from Informa. They said if I don't want to use Zelle, I can ignore the notifications about payment and they would cut me a paper check. Like Wales said above, if you have Zelle through your bank, there's no need for security worries. I hope that Zelle provides a security sign-on for their app in the near future. Otherwise, it's paper checks for me!
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