Banks and credit unions can now generate additional top-line revenue by offering a low-cost money transfer service to their mobile banking customers through a partnership announced today by Dwolla and mFoundry.
Dwolla, a groundbreaking online and mobile digital cash network that allows mobile banking consumers to move money to other financial institutions right from their smartphones, will now be available to banks or credit unions that have deployed Fin.X from mFoundry. Fin.X is the next-generation mobile banking platform from mFoundry, North America's leading provider of mobile banking and mobile payments.
Dwolla's peer-to-peer payments service enables mobile bankers to transfer funds for significantly less cost than other payments services and in real-time. Equally beneficial, institutions that offer Dwolla through Fin.X can avoid a costly and complicated IT integration with their core banking system. Financial institutions that want to offer Dwolla can simply check that option on mFoundry's mobile banking platform, and the feature will appear on their institution's smartphone application.
"mFoundry's network of more than 800 banks and credit unions creates a breakthrough opportunity to offer peer-to-peer payments to millions of banking customers who want a cost-effective way to move money," said Dwolla CEO Ben Milne. "Dwolla's partnership with mFoundry delivers an affordable, safe and convenient way to pay anyone at anytime."
A hosted, cloud-based solution, mFoundry's Fin.X enables financial institutions to deliver significantly more mobile banking features to smartphones and tablets through an advanced, extensible architecture and a newly created, best-in-class Service Provider Network. By adopting mFoundry's Fin.X, institutions can provide a mobile banking experience that delivers the industry's widest choice of services, including remote deposit capture, peer-to-peer money transfer, account funding, mortgage rates, auto insurance quotes, account opening, gift card issuance, merchant-funded offers, and retail bar-code scanning, among other features. mFoundry's new platform packs up to $100 of incremental per user revenue each year. 1
"Dwolla cuts through the security and compliance issues of existing peer-to-peer solutions and can be rapidly offered to consumers whose financial institution has deployed Fin.X," said mFoundry CEO Drew Sievers. "Dwolla represents another significant new revenue opportunity for institutions, and it can satisfy the growing demand for an affordable money transfer solution. Our partnership with Dwolla is another way mFoundry is helping financial institutions turn mobile into their most profitable channel."
1 mFoundry proprietary data and forecast based on actual client experience