Financial Plus CU In Pact to Pilot Dwolla’s FiSync, Promises Faster Access
Full access to the promised multi-platform payments power of Dwolla faster than ever before - that’s the promise of Dwolla’s FiSync, a new tool now implemented at Des Moines, Iowa-based Financial Plus Credit Union, a $90 million institution with 12,300 members.
Financial Plus is the first financial institution to offer FiSync, a technology that allows a credit union to connect the payment platform directly to the institution’s existing systems. FiSync also delivers access to Dwolla’s mobile, online and social payments capabilities, purportedly in a very few clicks and with a sign-up process that is said to take less than a minute.
Once signed up, members will be able to make payments to anyone with an email address, as well as their Facebook and Twitter friends, according to a statement.
In its blog, Dwolla pinpointed what it sees as the significance of this FiSync debut: “Members [of Financial Plus] will be able to bypass the two-three day setup time and instantly (and securely) sync up their credit union account with Dwolla. The credit union has basically removed all the hassle of setting up a Dwolla account.”
Dave Cale, Financial Plus CEO, said in an interview: “We are very happy to be able to offer this innovative access point to our members.” He said upfront costs to the institution were “minimal.”
Cale estimated that 2% to 3% percent of his members might become regular Dwolla users. “This will particularly appeal to younger members,” he added.
Dwolla – a startup competitor that claims to have lower fees than the better known PayPal – recently announced it was processing over $1 million weekly in transactions.
Social payments service Dwolla too is based in Des Moines and is backed by The Members Group and a Veridian Credit Union CUSO.