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Dwolla reaches million-dollar milestone

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DES MOINES, Iowa (7/25/11)--Dwolla, a company that combines social networks and location-based technologies with online and mobile payments, is now processing $1 million in transactions daily. Because Dwolla charges a flat 25-cent fee for transactions of all sizes, the milestone calculates to a potential user savings of $30,000 every 24 hours when compared with traditional payment networks, the company said. “We believe this represents a thought shift in the electronic payments industry,” said Dwolla founder Ben Milne. “Consumers and businesses alike are hungry for a new, secure cash option in an increasingly digitalized world.” Financial institutions can now integrate Dwolla’s FiSync to expedite the Dwolla sign-up process. FiSync, distributed by payments provider The Members Group (TMG), which is owned by Iowa credit unions, allows a credit union or community bank to connect the payment platform directly to the financial institution’s existing systems, co-branding Dwolla’s core technologies. Fifteen financial institutions with varying levels of integration have signed on for Dwolla, putting the network in a position to serve more than one million new account holders over the next 12 months, the company said. The most recent financial institution to sign on with Dwolla is $34 million asset Ace Community CU, Ames, Iowa. Members of Ace Community CU can access Dwolla through the credit union’s website. After signing up for a Dwolla account, members can make payment to or receive money from anyone with an e-mail address and their Facebook and Twitter friends.