UPDATE: Citigroup (C) Teams Up with Rival Banks to Fight Venmo - DJ

September 28, 2016 1:50 PM EDT

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(Updated - September 28, 2016 1:57 PM EDT)

Citigroup (NYSE: C) is set to join fellow big banks in building a peer-to-peer payments app in the hope of fending off fintech upstarts like Venmo, according to Dow Jones. The report states Citi will become a member of clearXchange, the group that is developing Zelle smartphone app to directly compete with PayPal (NASDAQ: PYPL), Square (NYSE: SQ), and others.

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