The Bank of America has celebrated the 10th birthday of its first mobile banking app by becoming the first of the US bank-backed Nacha network to launch a peer-to-peer payments service. The move is aimed at taking on rival Venmo, whose payments must pass through Zelle's same-day payments Automated Clearing House, while Nacha's system, in contrast, takes minutes to transfer funds.
The Bank of America has celebrated the 10th birthday of its first mobile banking app by becoming the first of the US bank-backed Zelle network to launch a peer-to-peer payments service. The move is aimed at taking on rival Venmo, whose payments must pass through Nacha's same-day payments Automated Clearing House, while Zelle's system, in contrast, takes minutes to transfer funds.