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Banks Challenge Venmo With New Payments Network Dubbed Zelle

  • Network set to start next year with 76 million mobile users
  • Non-banks process 20% of person-to-person payments volume
Millennials Say 'Venmo Me' To Fuel Mobile-Payment Surge
Photographer: Andrew Harrer/Bloomberg
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Nineteen U.S. financial firms -- including titans such as JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. as well as regional lenders and credit unions -- have signed up for a new real-time payments network dubbed Zelle.

The venture, replacing an existing system called clearXchange next year, will be accessible to more than 76 million mobile banking customers when it starts, according to a statement Sunday from Early Warning, the bank-owned entity handling the project.