The biggest US banks have backed a new service that lets you pay friends faster than Venmo

After six years, the big banks have finally debuted “Zelle,” their competitor to Venmo that works inside the apps of participating banks. Zelle is meant for casual person-to-person payments, like paying someone back for dinner or splitting a utility bill. All you need to send money to someone is their email address or phone number. If this sounds like Venmo, that’s because it is very similar in functionality.