Recognizing the demand and need for a safe, ubiquitous, faster payments system, the Federal Reserve called for and chartered two task forces: the Faster Payments and a Secure Payments task force. Over the course of the next two years, more than 500 of the nation’s top payment experts, academics, consumer groups, policy makers, and organizations debated, compromised, and voted in hotels and on conference calls around the country.
In July 2017, the Faster Payments Task Force released a final report that not only demonstrated a unified industry, roadmap and recommendations for a more modern payment system, but also included the evaluations of 16 distinct faster payment proposal solutions.
Dwolla, Inc. with its real-time experience and API expertise, was a proud contributor to this unprecedented initiative.
Dwolla was elected to represent financial technology interests on 17-person steering committee
Contributed to the Secure Payments Task Force and helped spearhead data protection principles
Worked with like-minded contributors to draft key principles on data API accessibility and the preference for credit push systems
As a steering committee member, Dwolla submitted 163-page faster payment proposal for task force review
At Dwolla, we were excited to contribute to a once-in-a-lifetime initiative, furthering payments for everyone. The same payments and technology experts that helped lead the task force provide the same expertise to advance the Dwolla API.
Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in our network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.