Venmo Killer? Banks Debut Faster P2P Payments With Zelle Network

A coalition of financial firms across the U.S. is finally ready to instantly beam your cash to friends, family and businesses.

More than 30 U.S. banks and credit unions are unveiling a unified service to customers this week, called Zelle, after years of watching Silicon Valley innovators from Square Inc. to Apple Inc. build peer-to-peer payment systems. It will supplant a patchwork of products the biggest banks have offered their customers for years. This time, the service is faster and so broad, that chances are it already has your money.

Across the nation, about 86 million mobile-banking customers will soon ...