Zelle Owner Is Watching Cannabis Banking Legislation, CEO Says

Early Warning Services, which owns bank-backed payment app Zelle, said it’s keeping an eye on legislation allowing cannabis banking.

“We’d like to offer transactions wherever they’re legal,” said Lou Anne Alexander, the interim chief executive of Early Warning Services, in a phone interview. Zelle doesn’t currently support cannabis payments, and Alexander said the company would need to assess compliance issues.

There are no plans to expand into cross-border payments at this time, she said.

Zelle focuses on person-to-person payments. The company’s “stretch goal” is for everyone who uses mobile banking to use Zelle, Alexander said.

Bank of America Corp. said ...