Big US banks declare war on Venmo

A pedestrian talks on a mobile device as customers use automatic teller machines (ATM) outside a Bank of America Corp. branch in Miami Beach, Florida, U.S., on Wednesday, Jan. 4, 2017. Bank of America Corp. is scheduled to release earnings figures on January 13. Photographer: Scott McIntyre/Bloomberg

For years, banks have watched as their youngest customers split restaurant checks, shared utility bills, and pitched in for parties using third-party payment apps such as Venmo. Now, they're trying to take back the person-to-person payments business by launching an app of their own. 

Nineteen banks, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, are teaming up to start Zelle, a website and app that will let users send and request money much like Venmo does. Bank of America says it is the first to incorporate all of Zelle's capabilities-including the ability to split bills between users-into its own mobile app, starting today.