LAS VEGAS -

The potential for more vehicle installment contract holders in your portfolio to use their smartphone to make regular payments to keep their auto financing current took another step forward on Monday.

Early Warning announced preliminary details of a tool named Zelle, what it’s calling a new, faster payments network that will “revolutionize” how U.S. consumers and businesses send and receive money. The company indicated Zelle will launch in early 2017 and will be directly embedded within mobile banking channels of its network banks, which already includes some large auto finance players such as Ally, Capital One and Wells Fargo.

A consumer-facing app for person-to-person (P2P) payments will be released in 2017, according to Early Warning.

Early Warning insisted Zelle will change how money moves, empowering millions of consumers with a faster, safer way to send and receive payments within the security of their financial institution. Zelle will provide an intuitive and user-friendly experience for network bank customers who want to send, request and split payments with their friends and family.

Payments can be sent using just an email address or mobile phone number from within the mobile banking experience of network banks or using the Zelle app. Anyone with a valid checking or savings account can receive payments by quickly registering at ZellePay.com, or by using the Zelle app with a valid debit card account.

“Zelle will transform how people manage their financial lives, providing them faster, safer and more convenient payment options with their friends and family,” Early Warning chief executive officer Paul Finch said. “We are pleased to partner with the leading financial institutions and financial service organizations in the country to make our vision for faster payments a reality for millions of consumers nationwide.”

Zelle is an inclusive network that is open to all banks and credit unions in the U.S. At launch, officials pointed out Zelle will be one of the largest payment networks in the U.S., accessible to more than 76 million mobile banking users nationwide. A total of 19 financial institutions have joined the Zelle Network, including eight of the largest retail banks in the U.S.

“Zelle is an always-on, easy to use mobile payment capability that gives our customers one more secure, convenient way to stay connected and live their financial lives,” Bank of America chief executive officer Brian Moynihan said.

The following financial institutions will join the Zelle Network: Ally Bank, Bank of America, Bank of the West, BB&T, BECU, Capital One, Citi, Fifth Third Bank, FirstBank, First Tech Federal Credit Union, Frost Bank, JP Morgan Chase, Morgan Stanley, PNC, USAA, U.S. Bank and Wells Fargo.

“The Zelle Network is an innovative, faster, and more secure way for PNC customers to send person-to-person payments,” said William Demchak, chairman, president and chief executive officer of The PNC Financial Services Group. “I believe our customers will appreciate the convenience and security of Zelle when the network goes live early next year.”

Early Warning has partnered with payment processors CO-OP Financial Services, FIS, Fiserv, and Jack Henry, as well as global card networks Mastercard and Visa to offer banks and credit unions multiple integration pathways onto the network as well as to increase the speed-to-market for new network members.

“Paying a friend with Zelle on a mobile device is the way of the future,” said Richard Davis, chairman and chief executive officer of U.S. Bancorp. “Zelle is better for both the sender and recipient. There’s no waiting for a check to arrive, or stopping for cash on your way home to pay the babysitter. We’re delighted to be a part of the Zelle Network as one of the first banks to offer Zelle to our U.S. Bank customers.”