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CU System
TMG Veridian invest in alternative payments service
DES MOINES, Iowa (11/18/10)--The Members Group (TMG) and The Veridian Group have taken steps to ensure credit unions and community financial institutions have access to emerging payments technologies by investing $1 million in Dwolla, an online and mobile payment platform. The investment was made to fund the growth of the platform and to be able to offer the product to financial institutions. Dwolla allows cash payments to be transferred digitally between two users from more places, more quickly and at lower costs than most traditional services, said TMG and The Veridian Group. TMG will be the primary distribution channel for the Dwolla platform as a product offering to community-based financial institutions. Also, TMG will contribute development expertise, including counsel on processing and security procedures, to ensure success and compliance with financial industry regulations, the company said. Jeff Russell, TMG executive vice president, and Nick Evens, president of The Veridian Group, will continue to advise Dwolla leadership as members of Dwolla's board of directors. Government regulations and other factors have created an environment in which financial institutions must be innovative in providing different methods for consumers to move money through payments networks, Russell said, adding that the current economic climate has caused businesses to look for less expensive alternatives that still provide convenient transactions. Dwolla is a two-year-old, fully functional software platform that has processed millions in transactions, said Ben Milne, founder/ CEO of Dwolla. “Our recent capital investment from TMG and The Veridian Group creates a strategic business relationship worth more than money. The relationship validates our mission to craft a technology that empowers individuals and organizations to share and spend money while avoiding the high costs associated with many other payment systems.” The alternative payment platform will keep deposits, transactions and market share with its financial institution clients. The platform complements several of TMG’s recent product roll outs, including mobile banking.


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