Premier Credit Union chooses Dwolla alternative payments platform
Des Moines-based Premier Credit Union today announced it will add online, mobile and social payments platform Dwolla to its existing member services.
The Dwolla platform, which Premier members will access through a button on PremierCU.org, will allow Premier's members to make real-time transactions with friends, family and a growing list of merchants either online or via smartphone.
By accessing Dwolla through Premier's co-branded interface, Premier members will be issued a Dwolla user ID instantly, bypassing Dwolla's 2- to 3-day account verification process. In addition, members can download the Dwolla mobile app and begin making mobile transactions immediately.
"There is no doubt that the payments landscape is changing," said Steve Flamm, Premier CEO. "It is our intent to not only help our members navigate this new world, but to lead them. Dwolla is one tool that will allow us to deliver on this plan."
Premier was introduced to Dwolla through The Members Group (TMG), the card processing company distributing the platform to credit unions and community banks looking for next-generation payments technology. In addition to connecting Dwolla with community financial institutions, TMG is contributing development expertise, including counsel on processing and security procedures, to ensure Dwolla's continued success and compliance with financial industry regulations.
Premier cites the attraction of younger members and the retention of existing members as key objectives to the implementation of Dwolla.
"While it's largely an 18- to 35-year-old demographic driving the development of alternative payments technology, that's not to say that other age groups aren't adapting rapidly to the changing landscape," said Brian Day, TMG product development architect and author of the newly released white paper, "Maintaining Your Foothold in the Payments Ecosystem."
TMG and Premier are working to implement the Dwolla platform now with a plan to roll out the service soon.
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See original story in Finextra.
See similar story in the CU Journal.
