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U.S. Banks Launching Answer To Peer-To-Peer Payment App Venmo

Postby sunnyd » Mon Jun 12, 2017 1:42 pm

Story : http://www.reuters.com/article/us-usa-banks-payments-zelle-idUSKBN1931C2





The U.S. banking industry is about to launch its answer to the popular mobile payments app Venmo, in what is likely to be the biggest change in years in how individuals exchange funds digitally.

Over the next week, five of the largest U.S. banks will light up their segments of a new payments network called Zelle, executives said in interviews. They plan to announce details of the launch on Monday, and expect another two dozen banks and credit unions to join over the next year.

The long-awaited network will allow tens of millions of bank customers to send money to each other instantly - known as person-to-person payments - with a few taps on their smartphones. That is an improvement over Venmo, which immediately alerts users that a money transfer is in progress, but takes time to shift funds between bank accounts.

Customers who use existing bank payment apps may not notice much of a change beyond marketing. Transfers will simply happen faster because the banks are finally linking to each other, executives said.







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