Big banks are eager to take on PayPal’s Venmo money-transfer app, and they’re banding together in their efforts to do it. At its investor day on Feb. 23, JPMorganChase confirmed that a new, bank-led money-transfer service is scheduled for release later this year. Customers of the banks involved—Chase, Bank of America, Wells Fargo, Capital One, BB&T, PNC, and US Bank—account for 60% of US consumers with mobile apps, Chase said in its presentation. Last year, consumers transferred $379 billion through online and mobile, according to research firm Javelin Strategy.

http://qz.com/625259/banks-are-teaming-up-to-launch-a-venmo-killer/