Money movement service Dwolla and BBVA Compass Bancshares, the Birmingham, Ala.-based bank, have struck a deal to provide a realtime payment service.
Called FiSync, the service is said to move money “faster than a web page takes to load” for BBVA Compass account holders making payments. FiSync launched today.
Dwolla has recently repositioned itself slightly to target businesses rather than consumers, so the marketing for the service touts the convenience of realtime for business settlements rather than paying a utility bill on time.
BBVA Compass completed a core upgrade in 2013 that allows realtime settlements, and its partnership with Dwolla gives it access to an alternative network that is faster than the Automated Clearing House. This is an excellent case of an innovative bank partnering with an innovative service to solve a problem that the industry at large will be dealing with for years to come.
The service is described in detail here on Dwolla’s blog. The service, Dwolla says, features more tokenization than Apple Pay uses, and will allow developers to build applications on top of it. There’s not doubt that realtime settlement of funds will breed further innovation.
BBVA Compass holds more than $70 billion in assets.