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financial system Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘financial system’ Category

New partnership, new applications, same network

Dwolla as a networkWhat excited us then

When we first started out, our pain point was obvious and our idea was simple:

“bypass the aging networks, save everyone money”

In theory, it shouldn’t be that complicated. We would move money from point A to B. We’d use a network built on the Internet. We’d build technologies, websites, and applications to help people use it, and do it safely and in compliance with applicable regulatory frameworks. We’d make it open. We’d make it real-time. We’d make it low-cost.

It’s safe to say that we didn’t fully comprehend the difficulty of actually doing this, at least initially. Perhaps more surprising to some, we didn’t fully understand how much value would be created from this project or what our role in modernizing money movement would become. We simply wanted to take a swing at a problem, and hopefully make contact.

Since then, our new network has pioneered a consumer-friendly real-time transfer system; released privacy-enhancing network controls; designed a one-of-a-kind permissions-based infrastructure; proved tokenization technology at the transaction-level works; provided a truly open network API, one that unburdens builders from the costs and constraints of legacy networks—and, of course, offered a simple, low-cost pricing model for our community. When we started, we were simply solving problems.

What excites us now

Today, we’re designing the playbook for a new payment infrastructure. What we’ve built is extremely complicated. It’s fast, it’s got great security, and we have all the building blocks in place. In fact, you’re already using them all today, saving yourself and the community millions every year in fees. Replacing a check, paying back a friend, sending money to vendors, or paying your property tax, Dwolla is growing, and will continue to, by solving simple problems.

But we’re never done. We still have a career of “at bats” ahead of us. We need great individuals and firms to help us along the way. We’ve continually brought in team members to help solve problems. TMG & The Veridian Group helping us build our access to the US financial system. USV in helping us understand network effects, and Andreessen Horowitz in helping us build an exec team and sales funnel.

What excites us about tomorrow

There are a tremendous number of applications for Dwolla’s technology in large businesses, governments, and other markets; where the costs of older systems compound, creating new costs—numbers so big that using them in a rational conversation makes people look nuts.

Together, with our communities and our partners, we’re discovering these new opportunities for the network, finding new applications, creating new value, things that only a modern payment network can provide. The fact is, Dwolla’s potential is exponential and it’s just beginning to be realized.

Today, we’re announcing and welcoming our newest investor, CME Group (NASDAQ: CME). As the world’s leading and most diverse derivatives marketplace, CME Group brings 150-years of industry leadership, innovation, and institutional knowledge. They will have an immediate impact, helping us realize, accelerate, and distill Dwolla’s potential to you, to enterprises, and to the world’s marketplaces.

For official press statement and media contacts.

 

©2017 TransSwipe

 


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