This article is more than three years old

US banks unveil money-transfer app

America’s biggest banks have launched a money-transfer app to compete with PayPal, Venmo and Square Cash, Reuters reports. Zelle, developed by bank-owned Early Warning Services, is built on top of a payments network that connects the country’s five biggest banks — and others — including Chase, Citi and Bank of America. Another 20 banks will be added early next year. “This is about creating a wide, and inclusive, alternative to cash and checks for everyone,” says Early Warning Services chief executive Paul Finch.

One comment on this article

  1. Better late than never but one wonders what they can offer that their competitors cannot.

Comments are closed.