BBVA Compass customers is teaming up with the Dwolla digital currency platform to enable consumers to make real-time payments.
Dwolla is teaming up with BBVA Compass
BBVA Compass is bypassing the traditional routes and using Dwolla’s FiSync protocol, which enables the confirmation of good funds, secure authentication and real-time availability of money to and from the Dwolla network. Transactions over $10 will incur a flat fee of 25 cents and will be free for lower value amounts.
According to Dwolla, FiSync uses authentication and tokenisation processes that remove the need for people to provide sensitive bank account information or credentials to it or any other party.
The companies say that real-time transfers are particularly useful for start-ups, enterprise companies and small businesses looking for a simple, secure and inexpensive way to collect funds, make disbursements or handle B2B payments.
Manolo Sánchez, CEO, BBVA Compass, says: “By working with Dwolla, BBVA Compass is ensuring that money is able to keep up with the speed of the instant economy. This will have a real and lasting impact on businesses and consumers alike.”
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