Finovate Alumni News

On Finovate.com

  • Malauzai’s Vantiv Partnership to Leverage OnDot’s CardControl Tool

On FinDEVr.com

  • Check out today’s FinDEVr APIntelligence.

Around the web

  • Plaid and Dwolla partner to provide fully-tokenized ACH payment integration.
  • Myanmar’s First Private Bank selects Misys FusionBanking to digitize its banking operations.
  • HSBC Group to deploy client lifecycle management technology from Fenergo.
  • Tungsten Network selects BlueVine to offer U.S. SMB clients access to lines of credit.
  • NAFCU Services announces 2017 Innovation Award Finalists: Q2, Insuritas, Geezeo, Mastercard.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Dwolla Launches Same-Day Bank Transfers

Screen Shot 2017-03-06 at 1.47.38 PM

Bank access API provider and money transfer system, Dwolla, launched same-day ACH transfers today. This new development allows businesses to deliver money to a client on the same day they initiated the transfer. The same-day ACH capability is much faster compared to the industry standard wait time of two-to-four business days.

In the press release, Dwolla CEO and founder Ben Milne said, “Whether it’s making emergency payouts, improving customer satisfaction through faster refunds, or allowing partners to capture float or vendor discounts, the addition of Same Day ACH to Dwolla’s Access API provides our partners with another competitive advantage for them to own and apply as they see fit.”

Dwolla’s new same-day ACH transfer capability benefits not only the customer experience, but it also complies with upcoming regulations. NACHA, the administrator of ACH, issued new rules last year regulating the sending and receiving of money over ACH rails. Starting September 15, 2017, all banks must be able to receive and process same-day debits and credits.

Founded in 2008, Dwolla set out to make sending money faster and less expensive. The company launched a consumer-facing money transfer product in 2010 and has since phased out of the consumer market to focus on its business offerings. The first product, Access API, helps developers connect their app to the banking ecosystem. Transfer, the second product, helps businesses send and receive bank transfers using a straightforward platform.

Earlier this year, Dwolla closed on $6.85 million in funding, bringing its total raised to just over $39 million. The company last presented at FinovateSpring 2015.

Finovate Alumni News

On Finovate.com

  • Patch of Land Picks Matthew Zall for Chief Investment Product Officer.
  • Dwolla Launches Same-Day Bank Transfers.

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.

Around the web

  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Experian joins Marketplace Lending Association as an associate member.
  • Maine Startups Insider features David Joseph, co-founder of Davo Technologies.
  • Dallas News founder features Bruce Parker, founder and CEO of ModoPayments.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

Around the web

  • Qumram wins “Most Innovative FinTech” at 4th Annual WealthBriefing Swiss Awards for 2017.
  • Jack Henry presents newlly-resdesigned Banno website.
  • Intuit deploys VersaPay ARC for its SME customers and accountant clients.
  • ChartIQ to provide Fidessa with HTML5 charting options. See ChartIQ at FinDEVr New York next month.
  • Temenos acquires long-time partner Rubik Financial for $50 million.
  • Dwolla looks at how Bento used Access API for ACH-powered fund transfer to develop its platform.
  • Clutch recognizes Softjourn as one of the top web and software developers in the Ukraine. Join Softjourn in New York next month for our developer’s conference, FinDEVr.
  • PYMNTS.com features CSI globalVCard on the eve of its global expansion.
  • Credit Karma unveils new free tax preparation service.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Dwolla Raises Capital, Relaunches Access API

Dwolla_homepage_January2017

Writing at the Dwolla blog, company founder and CEO Ben Milne expressed how important the goal of “building the ideal API to move money” was to him and his company. Calling this “part of our DNA,” Milne wrote that the new opportunities Dwolla’s technology has created have “come with growth and the need to finance it.”

And finance it Dwolla has. The company picked up $6.85 million in new funding in a round led by Union Square Ventures and Foundry Group. Milne wrote that the investment will be used to expand Dwolla’s sales and account management operations in Des Moines, Iowa. The round featured participation from Detroit Venture Partners, Firebrand Ventures, High Alpha, Ludlow Ventures, and Next Level Ventures, and brings Dwolla’s total capital to just over $39 million. Firebrand Ventures founder John Fein was quoted in the Kansas City Star crediting Dwolla for rekindling his interest in supporting fledgling technology companies.

Dwolla_stage_FS2015

Pictured: Dwolla Director of Communications and Policy Affairs Jordan Lampe demonstrating FiSync at FinovateSpring 2015.

Milne also announced his company’s API Suite, Access API, will now contain all of Dwolla’s white label solutions. “Nothing changes for current customers,” he noted, “but additional features will be rolled into the Access API to make building software that connects to the banking infrastructure easier.” These features, according to TechCrunch, include same-day transfer and a new dashboard for managing transactions. Fortune.com notes that Access API “has attracted more than 100 customers in its first year.”

Founded in 2008 and headquartered in Des Moines, Iowa, Dwolla demonstrated its FiSync technology at FinovateSpring 2015. The company partnered with open source subscription billing and payments platform, Kill Bill, last October and, in August, introduced a new dashboard and administrative interface for its white-label partners. Dwolla added more FIs to its instant account-verification flow back in May.

Finovate Alumni News

On Finovate.com

  • NatWest, RBS to Offer Clients Business Banking Solutions from FreeAgent.
  • Card-Linked Offers Consolidates: Edo Interactive Acquired by Augeo.
  • Dwolla Raises Capital, Relaunches Access API.

Around the web

  • Persia International Bank chooses core banking technology from Temenos.
  • Kensho Technologies CEO Daniel Nadler weighs in on cybersecurity in the Age of Trump.
  • Rabobank to deploy UP Immediate Payments from ACI Worldwide.
  • Asset manager Schroders picks Capriza to help drive digital transformation.
  • Stuart Frankel of Narrative Science writes about bots and advanced natural language generation technology in Harvard Business Review.
  • De Surinaamsche Bank expands relationship with Fiserv to deepen core banking

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • Visa builds new blockchain payments platform, Visa B2B Connect, in partnership with Chain.
  • Wipro to acquire cloud services firm, Appirio, for $500 million.
  • Open source subscription billing and payments platform, Kill Bill, integrates with Dwolla.
  • Revolut wins Best New Customer Facing Innovation at Emerging Payments Awards 2016.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Check out this week’s FinDEVr APIntelligence.
  • Payoneer Closes $180 Million Series E Round
  • Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”

Around the web

  • IBM announces $200 million investment in its Watson IoT business in Munich. See IBM at FinDEVr Silicon Valley, October 18 & 19.
  • Novum Bank chooses Netverify from Jumio to speed client onboarding. Be sure to check out our recent interview with Jumio CEO Stephen Stuut.
  • Thomson Reuters launches ONESOURCE InDirect Tax Development Partner Program.
  • Top Image Systems wins $450,000 deal with U.S. government to deploy eFLOW.
  • BankNXT interviews Dwolla’s Jordan Lampe about real-time ACH.
  • PaySimple introduces an online store built specifically for service providers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • CoverHound Launches Insurance for Small Businesses
  • Avalara Raises $96 Million in New Funding

Around the web

  • Dwolla to power same day ACH transfers with new API.
  • Let’s Talk Payments interviews Tommy Petrogiannis, eSignLive CEO.
  • WePay chooses Workflow Manager from Sphonic to help meet KYC and KYB requirements.
  • Kony Wins First Place Honors for 2016 CTIA Emerging Tech Awards.
  • Expensify launches Concierge, and AI virtual assistant.
  • Cachet Financial Solutions to Deploy Select Mobile Deposit Solution for Mobile-Only Bank Varo Money.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: How the Kore Bots Deliver More than Your Average Chatbot
  • DriveWealth Expands APIs for Wealth Managers
  • Braintree, Finicity, and Twilio Take Top Honors at API World Awards

Around the web

  • BankBazaar wins “Emerging Brand of the Year” and “CEO of the Year” at seventh CMO Asia Awards.
  • Fintech News Switzerland highlights Currency Cloud and Zopa in a look at London’s top rising fintech stars.
  • Boku brings direct carrier billing to Windows 10 phones in the United Kingdom and Italy.
  • Markit enhances WSO software suite to offer new levels of automation for syndicated loan market.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.