Making its first entry into the financial exchange space, Dwolla will provide real-time payments clearing and settlement capabilities for the CME Group futures and options marketplace.
Dwolla, which launched its white-label application interface for real-time services for financial institutions last month, will also help Chicago-based CME clearing members and clients streamline payment operations.
"CME Group has helped Dwolla bring real-time technology to the derivatives industry to enable faster access to liquidity and funding for the industry," Ben Milne, CEO and founder of Des Moines-based payments technology provider Dwolla, stated in an Oct. 28 press release.
In addition to the commercial agreement, CME Group is also a strategic investor in Dwolla through CME Ventures.
Aside from traditional bank transfers, Dwolla’s network provides financial institutions with a real-time payments platform on the company's FiSync protocol.
Live since 2012, the system provides banks an interoperable private-by-default ledger and mechanism that enables real-time clearing and settlement services, specifically the confirmation and availability of good funds, Dwolla said in the release.
Dwolla's first application for CME Group will be applied to the group's broker payment systems and the Give Up Payment system to enable customers to process payments faster.