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Dwolla Partners With FIs To Test Real-Time Payments
DES MOINES, Iowa (10/23/13)--Dwolla, a person-to-person payments provider, has initiated a credit-based instant payments capability, which will be built in part on its partnerships with credit unions and banks.
 
The financial institutions vet merchants and consumers for real-time payments, allotting each party specific credit limits. Financial institutions have granted credit from $1,000 to $16,000 so far, said Dwolla CEO Ben Milne in a blog post.
 
The service will provide credit to consumers that they can use when shopping online by selecting a new Dwolla funding source at the time of checkout.
 
Dwolla charges 25 cents for transaction of more than $10. Transfers less than $10 are free. Before the real-time payments launch, users of Dwolla had to wait two to three days for a bank transfer to use money sent to them (PaymentsSource Oct. 22). 
 
Dwolla will initiate a three- to four-week test period with several e-commerce merchants. Eventually Dwolla will introduce the instant payments feature to all of its merchant clients, Milne said.
 
Forty merchants who already accept Dwolla on their sites have announced support for Dwolla Credit, and more will be added in time as the service moves from beta phase to its public release.
 
Dwolla has also partnered Alliance Data Systems Corp (ADS), a provider of branded credit card programs. ADS will provide a cardless, private label credit product through Dwolla's network.
Milne would not reveal the financial institutions it has partnered with to make the feature possible, but the company has a relationships with credit unions.


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