A number of huge U.S. banks are joining a new service that aims to bring real-time, peer-to-peer payments to consumers, but it’s unclear if the service will actually be able to take on the incumbent, trendy peer-to-peer service Venmo, which is owned by PayPal (PYPL) .
The banks are hopping onto a service from Early Warning, which unlike Venmo will deliver money from one account to another in seconds. Venmo transactions, in comparison, take around one to three days to be finalized.
