We reported on Dwolla‘s latest release of FiSync on the same day that Ben Milne unveiled the upgraded financial services product at Finovate Spring 2012 in San Francisco. But our introduction of FiSync just didn’t pack quite the same punch as a presentation from Milne, the fast-talking co-founder and CEO of the Des Moines-based payments startup.
Fortunately, Finovate recently released the videos of all the presentations from its San Francisco event, and we have Milne’s for you.
Playing to a room full of people well-versed in the ways of the automated clearing house (ACH), Milne established from the start something that shouldn’t surprise anyone who’s charted the course of the startup’s growth: Dwolla’s latest offering was designed to further disrupt the status quo in payments. “We want,” Milne said, “to change the way we look at those processes today.”
FiSync 2.0 does that by enabling the real-time transfer of money from one bank account to another without the drawbacks associated with ACH. “As a chartered institution or someone who serves chartered institutions, it’s our feeling that you should be able to originate and engage in real-time transaction without the necessary delays or potential flaws inside of ACH,” Milne said. “And getting access to it should not be complicated.”
The way Milne sees it, the line of questioning used to determine whether one person can send money to another should be as simple as, “Is this Ben? Is this Ben’s money? Should I let Ben engage in this transaction?”
FiSync aims to make it that simple, and Milne completed several transactions to illustrate precisely how.
“Dwolla has a consumer product that most people know us as,” Milne said in closing. “But that core engine can be leveraged by financial institutions and financial service providers to essentially create a more secure and faster exchange than currently exists in the marketplace.”
Credits: Screenshot from finovate.com