US banks launching answer to peer-to-peer payment app Venmo

A person uses the Venmo app on a mobile phone in this undated image. REUTERS

NEW YORK: The US banking industry is about to launch its answer to the popular mobile payments app Venmo, in what is likely to be the biggest change in years in how individuals exchange funds digitally. 

Over the next week, five of the largest US banks will light up their segments of a new payments network called Zelle, executives said in interviews. They plan to announce details of the launch on Monday, and expect another two dozen banks and credit unions to join over the next year.