The service was previewed by executives from the bank-owned company, Early Warning, that is developing the service, recode.net reports.
The Zelle app is built atop a bank-owned payments network that connects the country’s five biggest banks — and others — including Chase, Citi and Bank of America. Users of Zelle are expected to be able to send money via their phones to recipients who will gain access to the funds immediately.
Zelle will launch in 2017 into a crowded field of competitors, but execs are hoping the speed of the service helps it stand out. Square Cash, a competitive service, charges a fee for instant deposits. Other competitive services don’t offer instant deposits at all.
Some of Zelle’s partnering banks, like Chase, already operate their own branded money-transfer services such as Chase QuickPay.
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