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    News in brief

    US banks unveil money-transfer app

    News in brief

    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.

    Filed by Email Christopher Brown Published • Last updated 24 October 2016, 10:15

    • William Hugh Murray, CISSP

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

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