First CU Commits to Dwolla P2P
Des Moines, Iowa startup Dwolla has signed the first credit union commitment for its new person-to-person payments platform.
The $95 million Premier CU, also in Des Moines, said its credit union’s 13,500 members will be able to access the service from its website at www.premiercu.org and make real-time transactions with friends, family and a growing list of merchants either online or through a smartphone.
Premier CU members will be instantly issued a Dwolla user ID and won’t have to wait for the two-to-three-day verification process the new service requires. They will also be able to download a Dwolla mobile app.
“There is no doubt that the payments landscape is changing,” said Steve Flamm, Premier CEO.
Iowa-based card processor The Members Group is distributing the Dwolla platform and helping with development, processing and security, TMG said.
“While it’s largely an 18- to 35-year-old demographic driving the development of alternative payments technology, that’s not to say that other age groups aren’t adapting rapidly to the changing landscape,” said Brian Day, TMG product development architect and author of a new white paper, “Maintaining Your Foothold in the Payments Ecosystem.”