WATERLOO, Iowa- -- Veridian CU, one of the financial backers of Dwolla, announced this morning it has introduced the start-up payments company’s FiSync money transfers for its members.
Veridian’s members will have access to Dwolla directly through Veridian’s online site without the need for an additional Dwolla sign-up. Members will be allowed to make Dwolla transfers to any Dwolla merchant or person (Veridian member or not) with an email address, cell phone number, through a social network (like Facebook and Twitter) or based on location.
“How our members transact is changing, and they have an increasing number of options for moving their money,” said Brett Engstrom, web services manager for the $2.2 billion credit union. “By adding a service like Dwolla – and then taking it to an entirely new level that consumers can’t get anywhere else – we believe we are solidifying our value to existing members, and attracting new ones along the way.”
FiSync allows a credit union or bank to connect the Dwolla payment platform directly to the financial institution’s existing systems. The advantage for the financial institution is that the credit union or bank brand remains front and center as customers interact with Dwolla. The advantage for the financial institution’s customers is real-time movement of funds.
“The core purpose of FiSync is a real-time transfer system that allows money to move from one bank account to another, in real-time, and without using any of the existing systems, networks or resellers,” said Ben Milne, Dwolla founder.
Veridian, the former John Deere employees’ credit union, and the Iowa CU League’s The Members Group affiliate are early financial backers of Dwolla.