The banking industry in U.S. has been working on a new project. This time, the theme of their work is a counterattack at the Venmo success with their own mobile payments app. However, thanks to their influence, the largest banks in U.S. might have just created the most impactful change in the way consumers conduct their digital fund exchanges.
The Ace up Banking Industry’s Sleeve Is Time Efficiency
In the course of next week, five largest banks in U.S. are going to open support for a new in-house payments system. This brand new app is called Zelle. Executives expect two dozen other financial institutions to join their project by the end of this year.
The new network is going to disrupt the time-consuming way people performed fund exchanges through their gadgets. Tens of millions of bank clients are going to receive access to this new resource. Through this mobile app, they can send money to others with just a few commands on their smartphones. The type of transactions that has just been streamlined is known as person-to-person payments.
The new Zelle is a direct attack to the growing popularity of Venmo. While this app offers almost the same services, time is not on their side. It takes longer for them to handle the requested funds between banks. Therefore, modern citizens who are always searching for new ways to save time might prefer the app belonging to the banking industry.
Wells Fargo & Co Is One of the Largest Banks in U.S.
The involved parties in this project are Capital One Financial Corp, US Bancorp, Bank of America Corp, JPMorgan, and Wells Fargo & Co. An executive at JPMorgan Chase & Co, Bill Wallace, stated that the new Zelle app works to the benefit of their clients.
“…we are providing a large majority of Americans with a safe, fast and easy way to move money.”
However, the efforts behind this project took years to achieve the necessary results. The most difficult issue was to find the right framework through which the fiercest competitors in the banking industry could develop a successful cooperation.
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