This has existed in Canada for a very long time via Interac e-Transfers and it doesn't cost anything. You can send money instantly from one bank to any other bank. You do this by sending to someone's email or phone number. The recipient can setup auto-deposit so the money is deposited instantly. For this reason, Venmo, Cash App, etc. makes no sense in Canada either.
Interac is not really the same thing. It's much closer to Venmo, but with more integration with your bank. Mostly because not all banks are actually in the interac network and the transfers are between interac accounts, not bank accounts. You can set it up to autodeposit but it's still a "third" party layer more than actual interbank transfers.
Zelle is roughly that in the US. Where Venmo is an intermediary that makes money by having your money before you take the extra step to transfer to your bank (for free in 3 days or instantly for a fee), Zelle is bank account to bank account. Transfers with it show up as debit card transactions in my statement, and I can look people up with phone or email.
