Veridian Credit Union today announced it planned to integrate the mobile, social and P2P payments tool set offered by Dwolla into its online banking product. This will be the first instance of a shared password for both a credit union’s online banking services and Dwolla, said Veridian.
“Our members had been requesting ‘a service like PayPal.’ Dwolla, we believe, now offers more capabilities than PayPal,” said Brett Engstrom, Veridian’s manager of web services.
Engstrom indicated the Dwolla tools would become available to Veridian’s members in Q1, 2012. He also said Veridian anticipates that as many as 20 percent of current online banking users would migrate into using Dwolla in the first year.
Des Moines-based Dwolla, which offers a platform that allows users to send, receive, and request funds from any other user, is presently operational at two credit unions, Ace and Financial Plus, both located in Iowa.
The Members Group, a key Dwolla partner, indicated that a dozen more credit unions are in the process of implementing Dwolla.
Waterloo-based Veridian, with $1.4 billion in assets and 145,000 members, is Iowa’s largest credit union.