Startup Says Goodbye to Slow Money Transfers
Ever wonder why electronic payments take a few days to clear your bank account? It’s due to the 40-year-old automated clearing house (ACH), the complex but reliable financial system that processes more than $30 trillion in payments a year.
At a time when knowledge is becoming instant, Dwolla, a payments startup in Des Moines, Iowa, thinks that’s a few days too many. In February, I wrote about its plans to completely bypass ACH and innovate a new real-time payments pathway. On Friday, that service went live with the 160,000 customers of the Veridian Credit Union. Today, these customers can make instant payments from their bank accounts through Dwolla. The company says the transactions have added security layers not seen today in the ACH system, and don’t contain as much sensitive customer information that makes them vulnerable to theft and data breaches.
Ben Milne, the company’s brash founder, was busy meeting with bigger banks when I spoke with him a few months ago. It’ll be interesting to see whether he’s able to sign them up so their customers can easily integrate their bank accounts. That would really give Dwolla an edge amid a growing number of companies, large and small, lining up to change how we move our money around.
Geoffrey Hinton tells us why he’s now scared of the tech he helped build
“I have suddenly switched my views on whether these things are going to be more intelligent than us.”
Meet the people who use Notion to plan their whole lives
The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.
Learning to code isn’t enough
Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.
Deep learning pioneer Geoffrey Hinton has quit Google
Hinton will be speaking at EmTech Digital on Wednesday.
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.