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Dwolla Launches Same-Day Bank Transfers

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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.