By: Caitlin,

Something pretty big has happened. Dwolla has partnered with a mobile banking product that has 800+ bank and credit union clients.

This isn’t just any mobile banking product, it’s mFoundry’s Fin.X, the company that built one of the most successful commercial mobile payments ventures to date, Starbucks Card Mobile. The company plans to unveil Fin.X today at BAI Retail Delivery conference in Washington, D.C.

Fin.X will be giving banks the opportunity to utilize Dwolla and other mobile products as an extension of their core mobile banking platform.

This is just another example that open API’s are the future. Layers of technology and services can be baked into other networks to provide customers with the most value available.

Dwolla’s growing consumer network connects these financial institutions software (provided by mFoundry) to the rest of the world.

There really aren’t a lot of great mobile products at banks that let you pay a local coffee shop, friend, or rent by using your phone. mFoundry aims to change that, and with mobile banking expected to triple in the next five years, we’re thrilled to be a part of a huge shift in mobile banking technology.

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Financial institutions play an important role in the Dwolla network.

Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.