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Dwolla named Best in Show introduces dashboard

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DES MOINES, Iowa (5/16/11)--Dwolla, a mobile payment platform, was named one of seven “Best in Show” technologies by attendees of FinovateSpring 2011 this week. Dwolla is an online, mobile, social and location-based cash platform that connects to users to social communities and location to share and spend money. The company is supported by the The Members Group, a credit union service organization owned by Iowa credit unions that provides card processing and payment solutions. Each of the 64 companies selected to appear at FinovateSpring was provided seven minutes to demo a product or service in front of financial executives, venture capitalists, press, industry analysts, bloggers and “fintech” entrepreneurs. In addition to demonstrating the platform’s FiSync technology, which allows credit unions and community banks to integrate the payment platform and its technologies into their existing systems, Dwolla founder Ben Milne rolled out FiSync Dashboard. The interactive FiSync Dashboard offers financial institutions a real-time snapshot of their Dwolla users’ consumer behavior. The dashboard offers data such as average age, gender and type of mobile device used and analyzes where and how Dwolla users are spending money with interactive maps and average transaction information. “Knowing customers’ preferred mobile devices or the size of transactions they want to make from their smartphones will inform [financial institutions] as they develop new products and services for the mobile consumer,” said Brian Day, TMG Dwolla product leader. FiSync Dashboard will also help Dwolla maintain a close watch on transactions for the purpose of fraud prevention. “Mining this information and cross referencing it with other data sets, like the location of a transaction and consumer behavior, will create an even more secure atmosphere for Dwolla users and banks,” said Milne. FiSync Dashboard remains in development. Dwolla plans to make it available later this year.