... we have something ... a cooperative venture amongst the major ... banks.
That's exactly what Zelle is. And has been since 2001. Zelle is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.[
Zelle's biggest failing is that for some reason it branded itself similarly to Venmo, and so people think it's an external private company violating their privacy. Americans! You already have instant digital cash-like transfers built into your bank accounts, most likely even in your bank's app!
Its second-biggest failing is also that for some reason it hasn't differentiated itself from Venmo, and people are scammed into thinking they have some sort of consumer protection. Americans! You already have digital cash-like transfers built into your bank accounts! Use it at times you would be comfortable using cash! In-person meetup to pick up an item on Facebook Marketplace? Great! Some random person demanding payment before shipping you something? Depends on if you would be comfortable mailing them cash in this instance (no).