Dwolla enters exchange world through CME Group deal

Dwolla enters exchange world through CME Group deal

Dwolla is expanding its scope through a deal with CME Group to provide on-demand payment capabilities for clearing and settlement at the exchange operator.

Chicago-based CME Group invested in Dwolla last year, paving the way for the digital payments startup to move beyond the retail world - where it has signed thousands of businesses to its real-time money transfer system - into the exchange space.

CME Group says that it has plans to use Dwolla's technology widely, but the initial application will be to its Broker Payment Systems and Give Up Payment Systems, enabling customers to process payments more quickly and cost efficiently.

Sunil Cutinho, president, CME Clearing, says: "With its established customers and proven real-time systems, Dwolla's technology provides CME Group with an innovative platform to deliver secure and sophisticated payment services to our clearinghouse member firms."

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