June 24, 2014
Recently, US based e-commerce company – Dwolla – announced the launch of another payments innovation, Dwolla Direct. This solution enables organizations as well as individuals to transfer cash over the Dwolla network without having to register a full account.
The impetus for Dwolla Direct is to help small businesses replace checks, Dwolla spokesperson Jordan Lampe told cutimes. We will use the existing check rails. In two to three days, the recipient will get the cash, he added.
Our intent is to remove the excuses some merchants have for holding onto paper checks, Lampe told cutimes. We are trying to make ACH compatible with the 21st century. Paper checks may go away but the payment network will continue to work.
Originally founded in June, 2008, Dwolla was launched in the US on December 1, 2009, by Ben Milne (CEO) and Shane Neuerburg (CTO) as founders, in Des Moines, Iowa.
Blending the words dollar and web, Dwolla aims to allow anyone [or anything] connected to the internet to move money quickly, safely & at the lowest cost possible. It allows any entity to request and exchange money through its self-built network that securely connects to customer’s bank account and allows to move money.
Dwolla, Inc. is an agent of Veridian Credit Union (VCU). All funds in the Dwolla network are held in a pooled account at VCU. Dwolla, Inc. is the operator of a software platform which communicates user instructions to VCU for fund transfers.