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Veridian Credit Union goes with Dwolla
Des Moines, Iowa, June 15, 2012 -? Members of Waterloo, Iowa-based Veridian Credit Union now have access to the Dwolla payment network. The online, mobile, social and location-based payments network, supported by The Members Group (TMG), has been seamlessly integrated with Veridian?s online banking platform, thanks to Dwolla?s FiSync service.
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. In Veridian?s case, however, FiSync has gone a step farther.
Veridian?s members will have access to Dwolla directly through Veridian?s online site without the need for an additional Dwolla sign-up.
?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. It?s that simple?, said Ben Milne, Dwolla founder. ?Insured, regulated and secure, financial institutions are amazing at protecting their customers? funds, so our goal with FiSync wasn?t to design a product that challenges the way the industry holds and earns money, but to speed up the way it moves and add value to the way we exchange it.?
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, Veridian?s web services manager. ?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.?
?Consulting with our financial institution clients on how to remain relevant in the everyday financial lives of their customers has become a key focus at TMG,? said Brian Day, TMG?s Dwolla product leader. ?And those conversations are becoming easier to have, as the credit unions and community banks are hearing directly from customers that affordable, convenient and quick access to their money ? in a modern, digital way ? is of tremendous value.?
Last month, Dwolla announced two important upgrades to the FiSync integration service. In addition to now offering real-time transfer of funds, FiSync is free to integrate for all financial institutions and services providers interested in connecting its systems with the growing payment network. More information and access can be found at fisync.dwollla.com .
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of consumer financial services and employs more than 500 Iowans throughout 26 branches. For more information, visit www.veridiancu.org .
About Dwolla
Dwolla is the nation?s only online, mobile, social and location-based cash platform that connects to your social community and location to share and spend money. Using proprietary technology and business partnerships with The Veridian Group and The Members Group, Dwolla allows consumers and organizations to send and receive money from their bank accounts for only 25 cents per transaction, no matter the transfer amount. Unlike traditional payment platforms, Dwolla takes the industry in a new direction by allowing people for the first time to share money with their social networking contacts. Founded in 2009, Dwolla is based in the heart of Silicon Prairie, Des Moines, Iowa. For information about Dwolla and its unique cash platform, please visit www.Dwolla.com .
About TMG
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com .
Source: Company press release.
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