Recently, I was invited to sign up for SciPost, an online platform similar to the arXiv. However, the major difference is that SciPost is creating a suite of free and open-access peer-reviewed online journals. Moreover, copyrights will be held by the authors of the papers, and not by publishers.
Publications will be free for both authors and readers. The journal articles will be completely open to everyone.
To be honest, such a platform has probably been a long time coming for our community. The FAQ page on the website states that SciPost is launching because:
The publishing landscape is evolving rapidly, and it is not clear that the best interests of science and scientists are being represented. SciPost offers a grassroots solution to the problem of scientific publishing, designed and implemented by scientists in the best interests of science itself.
SciPost is open for submissions starting June 2016. I sincerely hope that those in charge of SciPost have it running smoothly by then and that it reaches the critical mass to be successful. Good luck to the team and particularly J.-S. Caux, the condensed matter theorist who started this endeavor.