In a move designed to jump start its acceptance footprint, Dwolla announced it is giving away its platform for free to banks and credit unions. Representing an interesting, if risky move, for the young company, this action underscores the emerging battle taking place for pride of place in the expanding money transfer business. Dwolla understands its up against some powerhouses in the market including PayPal, FIS, and Fiserv, who are all trying to tie up the P2P market. In the case, while the platform might be free, the integration, operational, and marketing services necessary to gain consumer adoption are not. Dwolla still needs to builds its case to the market, but this company continues to demonstrate its commitment to the market and a new way of thinking. From the Des Moines Register:
“We’re going to essentially be giving it away,” Milne said. “We haven’t really ever released any core products for banks before.”
The idea is if banks adopt the software, customers will be able to move money straight from their bank accounts with Dwolla — no lag time and no extra charge for the “instant money” service.
Click here to read more from the Des Moines Register.