Big Banks Fall Behind, Try to Compete With Venmo (Watch)

U.S. banks are trying to take a chunk out of Venmo’s business. The money-transfer app has gained a lot of popularity in recent years. And banks are worried that it could cut into their business.

So big names like JPMorgan Chase & Co., S.S. Bancorp and Citibank have teamed up to create an app called Zelle. The app will have similar functionality but could stand apart because of its support from major financial institutions. Users will also get immediate access to funds for free on Zelle, which is something you don’t get with other transfer apps.

Big Banks Fall Behind, Try to Compete With Venmo (Watch)