DES MOINES, Iowa, May 12, 2011 (GLOBE NEWSWIRE) -- Dwolla, the online, location-based, social, and mobile payment platform supported by The Members Group (TMG), was named one of seven 'Best in Show' technologies by attendees of FinovateSpring 2011 this week.
Each of the 64 companies selected to appear at FinovateSpring was given seven minutes to demo a product or service in front of financial executives, venture capitalists, press, industry analysts, bloggers and "fintech" entrepreneurs.
In addition to showing off the platform's FiSync technology, which allows credit unions and community banks to integrate the payment platform and its technologies into their existing systems, Dwolla founder Ben Milne rolled out FiSync Dashboard.
Offering financial institutions (FIs) a real-time snapshot of their Dwolla users' consumer behavior, the interactive FiSync Dashboard uses an easy-to-understand and visually appealing format to display information. FI staff can learn more about their Dwolla users by accessing data like average age, gender and type of mobile device used. They can learn where and how their Dwolla users are spending money with interactive maps and average transaction information. Personal identity information is not included in the FiSync Dashboard.
TMG and Dwolla believe this information will be valuable to FIs as they develop their mobile strategies. "Knowing customers' preferred mobile devices or the size of transactions they want to make from their smartphones will inform FIs as they develop new products and services for the mobile consumer," said Brian Day, TMG Dwolla product leader.
FiSync Dashboard will also help Dwolla maintain a close watch on transactions for the purpose of fraud prevention. "Mining this information and cross referencing it with other data sets, like the location of a transaction and consumer behavior, will create an even more secure atmosphere for Dwolla users and banks," said Milne.
FiSync Dashboard remains in development. Dwolla plans to make it available yet this year.
Dwolla is the nation's only online, mobile, social 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)
Jordan Lampe (for Dwolla)
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