A seven-minute performance won Iowa-based social payments vendor Dwolla one of seven best of show awards at the Finovate Spring 2011 conference May 10-11 in San Francisco.
Ben Milne, founder of the Des Moines, Iowa company, gave one of 64 presentations to a crowd of several hundred financial services executives, venture capitalists, analysts and other entrepreneurs.
Milne, whose company is backed by The Members Group and a Veridian Credit Union CUSO, presented his company’s new FiSync technology, which allows credit unions to integrate the mobile person-to-person and geo-locator functions of Dwolla into existing systems at credit unions and banks.
A dashboard function also is included, allowing financial institutions to analyze where and how their end users are spending money. Online security also is enhanced, the platform’s developer claims.
"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," Milne said.
The P2P platform has already been purchased by at least one credit union and there are about 400 businesses now participating in the Dwolla network in the Des Moines area, Milne told Credit Union Times at the conference at the San Francisco Design Center Concourse.