The Members Group and core system distributor Bradford-Scott Data Corp., co-owner of Sharetec, have announced rollout of tools designed to make it easy for credit unions to offer their members person-to-person payments capabilities via Des Moines, Iowa-based payments innovator Dwolla.
“We’re experiencing heavy interest from our customers in everything mobile and most recently person-to-person (P2P) payments,” said Kevin Kolar, a vice president at Indianapolis-based Bradford-Scott, in a prepared statement. “This partnership will streamline the implementation of Dwolla for our customers.”
The Sharetec core presently is found in more than 300 credit unions, according to the company.
“Because P2P is an emerging technology, many credit unions are unable to justify large dollar or time investments in implementation,” said Brian Day, an executive with TMG, in the statement. “By taking one of the more complex steps off the credit union’s to-do list, we’re getting them a superior P2P product as quickly as possible while minimizing the amount of time credit union staff spends on the implementation.”
In an interview, Jonathon Miller, CEO at Dubuque Teachers Credit Union, a $16.5 million institution in Iowa, said his credit union “turned on this switch on Monday. We are very excited to offer Dwolla to our members.”
“I have personally used it. It’s slick. It’s easy,” said Miller.
He elaborated on why he wanted to be early to offer Dwolla: “Being a smaller CU, there aren’t a lot of opportunities to be on the cutting edge. This looked to be an opportunity to get on the ground floor of a new technology.”
He added that TMG and Sharetec did the work of setting up the credit union to share data in real time with Dwolla so, from his perspective, this was a very easy implementation.