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