When I realize it’s time to put some money away into my savings, I log into my Wells Fargo online banking portal and move the funds from my Wells Fargo checking account to my Wells Fargo savings account. However, what if my savings account were held at a different financial institution? Things become a bit trickier—I’d either need to write myself a check or spend a bit of cash to wire the funds to myself.
With the increasing trend of combining technology with financial literacy, many financial technology applications rely on a simple, straightforward process for moving funds between two accounts owned by the same individual.
There are an abundance of savings applications in the market—apps that allow individuals to set goals for vacation funds, to round up each purchase to the next dollar amount for paying off student loans or to simply automate amounts going into savings or retirement funds each paycheck. They all have something in common: they must allow an individual to transfer money between two bank accounts. Fortunately, that’s one of Dwolla’s specialties.
One of Dwolla’s customers, Astra Finance, helps its users automate their savings without needing to give it any thought. When you join Astra, you connect your accounts (typically a checking account and a savings account) and set your preferences. Do you want to save a flat amount each paycheck? Do you want to round up your purchases to the nearest dollar? Do you want to save until you hit a goal? Astra allows you to choose how you save, and you can set it and forget it. With Dwolla powering Astra’s payments, Sam Morgan, Chief Product Officer at Astra says “We can offer something that can actually automate the movement of money on [our end users’] behalf, and that functionality is reliant on the success of Dwolla.”
Another customer of Dwolla’s, CARD.com, is utilizing the functionality Dwolla provides for their Easy Fund Feature to allow CARD.com users to move funds from their checking account onto a card that CARD.com issued to that user. Jeff Hinojosa, Product Manager at CARD.com says “Partnering with Dwolla for our Easy Fund Feature has given our cardholders a fresh new way to move money between their accounts conveniently, enabled entirely from their smartphone. In the past, customers had to take their account information from us and transfer money manually through their bank’s web site, which was rarely intuitive and at times, even costly. The Dwolla white-label solution was a natural fit.”
When your application is powered by Dwolla, your users can move funds between accounts they already own. Added bonus? This offering comes with a wallet-like functionality for your users to be able to hold funds in a balance under your application.
Dwolla offers this functionality that is typically hard to come by—reach out to us to learn more.