Venmo used to be revolutionary. Now, the PayPal-owned mobile app is just one of many peer-to-peer payment options, alongside Apple Pay, Facebook Messenger—and now, Zelle.

There are countless peer-to-peer mobile payment processing services nowadays, but few are as “instant” as they appear. Even though your Venmo app might say you’ve sent a friend the $15 you owe for that shared cab ride, it will take a day or two for the friend to withdraw and process the cash out to their bank account.

Five of the largest U.S. banks, including JPMorgan Chase, Bank of America, and Wells Fargo are set to launch a new mobile payment system that could overhaul the way individuals exchange funds digitally.  Another two dozen banks and credit unions are expected to join the new payment network over the next year.

The network would allow customers to exchange money using their smartphones. The concept is an improvement over Venmo, one of the most popular peer-to-peer payment apps, that alerts users when a money transfer is in progress, but takes time to shift funds between accounts.

The Zelle network was created by Early Warning Services, an industry consortium whose owners have more than 86 million mobile banking customers.

In a statement, Zelle said the platform allows participants to send funds from one account to another using only a recipient’s email address or mobile number. The product works within the mobile banking apps of Zelle network participants. No additional app needs to be downloaded. The transfers take “minutes,” according to the statement.

This is sure to put a dent in the recent peer-to-peer payment apps because of that 2 day lag.  That change alone will improve the exchange process immensely.  People want their money now!