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Emerging Payments

Two More Credit Unions Add Dwolla Through FiSync

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Continuing a trend that started last summer, Dwolla Corp. has added two more credit unions that will offer customers easier access to Dwolla mobile-payment accounts through their online-banking programs, the mobile-pay startup announced Nov. 8.

UNI Credit Union of Cedar Falls, Iowa, and WV United Federal Credit Union of Charleston, W.Va., will use FiSync, Dwolla’s product for consolidating online services, to offer a faster Dwolla sign-up process, the company stated in a press release.

After signing up for a Dwolla account–a process that takes less than a minute–members of the two credit unions may use the application to make payments to anyone having a mobile phone number, email address, or Facebook, LinkedIn or Twitter account, according to Dwolla.

Before the credit unions added FiSync, customers had to register their Dwolla accounts with them by filling out forms to provide demographic information and their account routing numbers. Dwolla technicians then conducted small test deposits to ensure the accounts linked with the credit union. The process took two to three days, Dwolla stated.

Once the link is complete, customers immediately may transfer funds between their Dwolla and credit union accounts or make online or mobile payments through the institution’s online-banking service.

The Members Group, a Des Moines, Iowa-based subsidiary of the Affiliates Management Co., distributes the online, social, mobile and location-based payments tool to credit unions for Dwolla.

“With Dwolla, we are able to provide our members with a fast, easy and secure way to send and receive money from their bank accounts,” Robert Hill, UNI Credit Union marketing director, stated in the release. “As a partner in their financial well-being, our members expect us to seek out and integrate innovative products and services, like Dwolla, to be relevant in the alternative payment space.”

Financial Plus Credit Union in Des Moines became the first credit union to offer Dwolla account access to customers through FiSync last summer (see story).

Two months later, Des Moines-based Dwolla announced Veridian Credit Union, also in Des Moines, would offer a single login for access to credit union and Dwolla accounts (see story). 

 

 

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