DES MOINES, Iowa, March 3, 2011 (GLOBE NEWSWIRE) -- 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.
Premier Credit Union, founded in 1933 as the Bankers Life Employees Credit Union, has been the financial choice for more than 13,400 Central Iowans for more than 77 years. Premier offers a full range of consumer savings, checking and local lending solutions, in addition to commercial, construction, and mortgage services. Premier Credit Union is committed to providing financial solutions that make life better for its members by adding value and convenience. Visit www.premiercu.org for more information.
Dwolla is the nation's only online, mobile, and location-based cash platform that connects to your social community and location to share and spend money. Using proprietary technology and business partnerships with the Veridian Group and The Members Group, Dwolla allows consumers and organizations to send and receive money from their bank accounts for only 25 cents per transaction, no matter the transfer amount. Unlike traditional payment platforms, Dwolla takes the industry in a new direction by allowing people for the first time to share money with their social networking contacts. Founded in 2009, Dwolla is based in the heart of Silicon Prairie, Des Moines, Iowa. For information about Dwolla and its unique cash platform, please visit www.Dwolla.com.
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG's core products include credit, debit, ATM and a variety of ATIRA-branded prepaid solutions, as well as online reporting, ACH and ALM services. For more information, visit www.TheMembersGroup.com.
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Kelly Moore (for TMG)
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