Dwolla scores first big-bank partner for real-time payments


The payment network Dwolla has launched « the most important partnership we’ve had to date. »

That’s how founder and CEO Ben Milne describes his company’s new deal with BBVA Compass, a subsidiary of BBVA Group. While the parent company is headquartered in Spain, BBVA Compass is based in Birmingham, Al., and is one of the 25 biggest commercial banks in the U.S. by deposit market share. Beginning on Wednesday, BBVA Compass customers can send and receive money instantly over Dwolla’s payment network. (The feature uses FiSync, which is Dwolla’s secure payments protocol specific to financial institutions.) The partnership was first announced last October, when BBVA Compass opened up its network to Dwolla, but it took until today for the planned capability to become reality.

The idea of real-time payments is exactly what it sounds like: money sent from one party to another is accessible to the recipient instantly, as though it…

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