BBVA Compass has opened up its payments platform to Dwolla, enabling customers to make real-time payments through the Iowa startup’s payments network.
BBVA Compass opens backbone to Dwolla payments
major bank to open its platform to such an extent to digital developers – reports Finextra.
BBVA Compass chairman and CEO Manolo Sánchez, says: “We’ve set our minds on being the best bank in this digital century, and we believe strongly that the best way to get there is to combine our in-house capabilities — our real-time core banking platform, for one — with startups whose very existence is designed to redefine the financial services industry.”
BBVA Compass in 2012 invested $362 million in a technology platform that allows for real-time banking, and in May enlisted tech-powered lender OnDeck to help it assess small businesses looking for loans.
In the first stage of the latest agreement, the bank will use Dwolla’s FiSync protocol to move funds for BBVA Compass customers to anyone through Dwolla’s real-time network. Transactions over $10 will incur a flat fee of 25 cents and will be free for smaller value amounts.
While Dwolla makes great play on the instant nature of the transfer, it can still take up to three days for transactions to clear in non-user bank accounts, and up to four days for B2B transactions.
The news comes just a week after The Clearing House announced a multi-year effort to build a new real-time payment system for consumers and businesses to securely send and receive immediate payments directly from their accounts at financial institutions.
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