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Comment by xboxnolifes | Hacker News Reader

  - No standardized audit trail
  - No way to know who's really on the other side

I think these 2 are the biggest ones. You put in someone's phone number / email, and you get maybe an associated name as reassurance. How do I know it's actually associated with an account the person I'm trying to pay has access to?

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Ideally you know that because banks have KYC (Know Your Customer). And Zelle accounts must be populated by a bank. Individuals cannot just create a Zelle account. They must open an account with a bank -- and thereby undergo KYC -- who then creates their Zelle account.

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