Big US banks to take on tech rivals with instant payments

MAKING PROGRESS: Law enforcement officials believe that several of the suspects are "gettable," meaning that they live in a country with which the United States has an extradition treaty, the newspaper said.

NEW YORK: Depositors at some of the largest US banks are finally going to get the chance to do something quick and simple: send money to another person's account instantaneously by mobile phone. 

The idea has been in the works for at least five years, and in the meantime, Silicon Valley has made incursions into the industry's role as a payment intermediary.