Veridian Credit Union Goes Live with Dwolla Payments

Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+

Veridian Credit Union of Waterloo, Iowa, has begun offering customers mobile and online payments through Dwolla's bank transfer system FiSync, according to a Dwolla spokesman.

The payment method is comparable in cost to an Automated Clearing House transaction, but it moves money in seconds.

For now, Veridian customers will only be able to move money through FiSync into their Dwolla accounts. That will change as more banks sign on to Dwolla allowing bank-to-bank transfers, however.

"What this is doing is taking out the ACH process," says Veridian spokesman Eric Kinman. "The nuts and bolts of what's in it for the consumer, perhaps the merchant, and business customers, is they don't have to wait for the ACH to process their funds."

Since Veridian soft-launched the service earlier this month, several hundred Veridian customers have linked their accounts to Dwolla; some had accounts with Dwolla already. The credit union has roughly 160,000 members.

Dwolla, of Des Moines, Iowa, began developing FiSync last year. In May, it opened FiSync up to more banks and credit unions at the FinovateSpring conference in San Francisco.

In November 2010, The Veridian Group, the service organization unit of Veridian, and TMG, a subsidiary of Affiliates Management Co., provided Dwolla with $1 million in funding.

JOIN THE DISCUSSION

SEE MORE IN

'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.
DAILY ENEWSLETTER UPDATE

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

TWITTER
FACEBOOK
LINKEDIN
Already a subscriber? Log in here
Please note you must now log in with your email address and password.