U.S. banks add pieces to new instant payments network

By the end of December some U.S. bank customers may begin to notice features of the new Zelle instant payments network appearing on their mobile phone and online banking apps as the financial industry tries to catch up with technology company rivals, such as Venmo. Paul Finch, chief executive of the bank network operator, Early Warning Services, said during the weekend that buttons on user screens for digital payments at some banks will gradually start to use a uniform procedure for individuals to send and receive money. “This is about creating a wide, and inclusive, alternative to cash and checks for everyone,” said Finch, who was at the Money 20/20 payments industry conference in Las Vegas to promote Zelle for its bank owners.

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