1

What is Zelle?

 

For the past 6 Years Zelle, the payment service owned by a group of the biggest banks in the United States all working together (but aren't they competitors?). Why work with your competitors you ask? Well when you are as big and wealthy as the U.S. banks, and you have basically what amounts to a monopoly on where U.S. citizens keep their money, the cats always want to get fatter. And owning how Americans store thier money (not like we have a choice) is not enough. The banks were sitting there watching as other companies like VISA, and Paypal were taking the money from their tight grip and shifting it around. These guys shave a little off the top every transaction. Greed is powerful.... The banks couldn't handle it so they got together and with those little minds came up with a wonderful, awful idea: undercut these payment and transaction companies using their solidified market power.

2

Is Zelle Innovative?

 

No.

 

About 20 years after APIs and P2P payments apps hit the scene, and other instant communication methods had been out on the market; the big banks realized they could use/freeride on these innovations to turn a profit; and hopefully take out some small startups and true inventors in the process. So the big banks took the result of years and years of work that had been done by startups and visionaries and just copied it. If anybody challenged them they would pay them off or outspend them in court or get the law changed. You better believe they aren't going to let an opportunity to make more $ pass them by, especially when all they have to do is copy others technology and then force it on their customers claiming to have invented something. I mean they have created nothing new (except an exceptionally easy way for fraud to take place, and then deny and responsibility). Now all the common citizens who must hand their hard-earned money over to a bank every paycheck, not because we want to, or because we trust them, but because we have to... the big banks have managed to keep the antiquated practice of giving them our money necessary through years of bank lobbying and concerted efforts to deny any paradigm changes to the financial system since the 1800s. This way they stay in power, and with power comes more lobbying and more concerted efforts to keep the system. It is tough to call them "competitors" because they all work together to keep the financial system clumsy and inefficient so they can charge fees and just pass the money around amongst themselves. The big banks do NOT INNOVATE, they get to do whatever they want, and all that effort keeping the status quo makes a fat cat hungry.

3

Why is Zelle owned by banks but not backed by them?

 

The foundation of Zelle is Jealously, Greed, and Theft. And by just owning Zelle and not backing it they get the all the profits and none of the liabilities.

 

The story of Zelle: built on jealousy because other companies were making money by providing a better service because they innovate, theft of other inventors and innovators concepts after all the testing and the hard part of innovation is done by someone else, and greed, because how dare another company make money where the banks, if they team up could push the competitors out because of their market power....Jealousy, Greed, and Theft, the building blocks of Zelle.