Des Moines-based Dwolla adds Real-Time Payments for faster money moves

Desy Papper

Dwolla just got faster. The Des Moines-based financial technology company announced Tuesday that it now offers a service known as Real-Time Payments, allowing clients to send money to customers and vendors within seconds. Experts say the company’s latest tool could help it lure new clients who don’t want to wait […]

Dwolla just got faster.

The Des Moines-based financial technology company announced Tuesday that it now offers a service known as Real-Time Payments, allowing clients to send money to customers and vendors within seconds. Experts say the company’s latest tool could help it lure new clients who don’t want to wait days for banks and regulators to move their money along.

Dwolla is positioned to lead into the next wave of payments,” company CEO Brady Harris said in a statement.

Based on newer technology than the infrastructure that allows for other types of transactions, Real-Time Payments are an emerging feature in the finance sector. Lenders can send money back and forth within seconds through the Real Time Network  operated by The Clearing House, an association owned by 24 of the world’s largest banks.

Lending institutions that are hooked into the Real Time Network can process transactions among one another as they happen. 

The more common Automated Clearing House payment program is less efficient. Based on technology that is more than 50 years old, ACH can only send bank transactions into a network during limited periods. A buyer and seller may have to wait hours or days for the transaction to settle.

Next Post

Intentionality Secrets For Creating Exponential Outcomes In Your Business, Health And Relationships

By Finnian Kelly, speaker, event facilitator & executive coach, Finnian is known as “the Business Mystic” & inspires leaders to live a life of Intentionality. getty Most people tie their output to their time. It’s the reason we blame time when we fall short. Think about your own life for a moment. […]