Zelle, a new payment service backed by more than 30 US banks, will launch its standalone app on September 12th to take on competitors like Venmo and Square Cash. The network had been quietly powering money transfers for major US banks including Bank of America, Chase, Wells Fargo, and Citibank since launching in June.

While the Zelle app won’t have social components like a share feed, comments, or a Like button, the company says it’s targeted toward users who value instantaneous transactions. Since the network works directly with banking partners, money can be transferred between accounts — regardless of bank affiliations — for free, and can be withdrawn in minutes. In comparison, Venmo balances need to be “cashed out,” and it can take…

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