By: Jordan,

tl;dr

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It’s not business as usual

Technology has driven dramatic change in almost every industry, yet, our 40-year-old payment system remains fundamentally unchanged. Americans can order diapers on-demand, send video to and from space in seconds, and order a car with our phones. Want to move money from point A to point B? Sorry, that’ll take 24 to 48 hours (up to 7 days in some cases) to access. The current system, which was designed to process paper checks in batches to the tune of $34 trillion a year, has struggled reconciling the physical requirements and constraints of yesterday with the streaming expectations and needs of today. The current infrastructure can only take us so far.

Dwolla, for its part, attempts to fix many of the direct and indirect problems that have been created over the years; addressing known inefficiencies and expanding upon existing capabilities to provide our community with new tools, incentives, and costs. It does so without prejudice, providing everyone, from individuals to startups, financial institutions to enterprises, governments to developers, a more compatible way to access and move funds. But, like everyone else, it too is subject to the outdated systems and its constraints on innovation.

So, we created our own.

New thinking, new partnerships are needed

Dwolla FiSync is a small, but powerful API designed to allow banks and credit unions to “talk” to Dwolla’s existing network, extending our “real-time by default” network, allowing account holders to send and receive money to and from the Dwolla network in real-time, 24/7. No plastic cards, paper checks, traditional wait times, or the time constraints of batch processes.

It also adds new layers of protection to typical bank transfers and checks, enhancing the level of authorization and authentication, without sharing your sensitive financial information with a recipient. For businesses, it amplifies the value of Dwolla’s low-tech or no-tech tools, like MassPay, and Dwolla’s existing community of small business partners, like Go Daddy’s invoicing platform, to BBVA Compass account holders. Not a lick of code required. But, for the technically inclined, FiSync extends real-time to our open API, allowing FiSync-enabled account holders to build customized real-time products and services that work seamlessly with their new or existing payment operations.

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Today, we’re announcing our newest, and largest, real-time partnership to date with BBVA Compass

Dwolla is joining up with one of the nation’s most progressive banks, BBVA Compass, to distribute true real-time payments to and from the Dwolla network to its account holders, and for the same low-cost you’re used to seeing (25 cents per transaction, or free if $10 or less).

The future of banking? Partnerships.

Rather than viewing digital disruptors such as Dwolla as a threat, BBVA Compass, one of the nation’s 25 largest banks, seeks to collaborate with them with a view toward reimagining banks for the 21st century and advancing its own digital transformation. This partnership is a great example of how Dwolla’s existing real-time payments system can work together with financial institutions to provide a platform for innovation, revenue, and relevancy.

What does this mean for you?

If you’re a developer, business, or a startup, now is the time to start leveraging their services.

Utilities, just-in time logistics, payroll, insurance companies, multi-media ad platforms, user generated content, the potential for streaming payments is limitless. Here are few other immediate examples to leave you with…

If you are a Marketplace and bank at BBVA Compass, you will be able to send payouts or disbursements to anyone, instantly, for the same low-cost–cutting transfers times in half or to 1 second, in some cases.

If you are a SaaS platform and bank at BBVA Compass, you will be able to build customized real-time products and services that work seamlessly with new or existing payment operations (using our Open API).

If you are a Developer and bank at BBVA Compass, you will be able to stream tokenized payments and synchronize money, in real-time, across your software or application and your bank account.

If you’re a Business and bank at BBVA Compass, you will be able to send payments to anyone instantaneously, without the manual costs or headaches of paper checks or “business day” wait-times of other bank transfer solutions.

If you don’t bank at BBVA Compass, you should.

If you are a Bank or Credit Union (of any size), you will be able to offer your clients the competitive advantage that real-time transactions provides.

So the question is, “What would you do with #realtime?”

Contact us to learn more about improving payments:

We'll help you design your ideal payments experience.

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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.