A new phone app developed by a Scottsdale-based company is designed to change the way people send money to each other. Over 30 U.S. banks have signed on since its launch in mid-June.

The service, called Zelle, is meant to replace what is now a fragmented network of person-to-person payments from banks and alternative software like Venmo and Square Cash.

Zelle allows customers to send and receive payments for free from almost anyone with a U.S. bank account, using the recipient’s mobile phone number or email address.

Banks including JP Morgan Chase, Bank of America and Wells Fargo are offering the service.

Zelle said more than 86 million U.S. mobile banking consumers over the next year will have access.

The platform was built by Early Warning Services, an Arizona-based company specializing in fraud prevention and monitoring.

EDITOR'S NOTE: This story has been updated to correct a typo in the headline.