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Realtime payments are actually real.

I posted this today and right after I had a bit of a… Moment.

All #realtime. All new rails. All @Dwolla. Here’s to ideas that become reality.

A few years ago this would have never been possible. 10 years ago, it absolutely wouldn’t have been possible.

When I say, possible… I don’t just mean real-time or faster payments in general because those are possible. VISA / Mastercard / The Fed / Shazam all have fast rails and there are no shortage of closed loop systems that are fast. I also don’t mean exchanging value in real-time on the internet.

I mean the real-time movement of government issued currency through regulated financial institutions without using anything but the internet.

No cards. No chips. No 16 digit numbers. Just the internet.

Financial Institutions have even become an active participate flipping the script.

What is so dramatically different in this next iteration of payment networks is:

  1. HTTPS first.
  2. Security as math.
  3. No 16 digit card numbers
  4. No abusable static account numbers.
  5. No physical card.
  6. Tokenization at the network and bank level.
  7. The network doesn’t live anywhere.
  8. Designed to be open and joinable.

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Silicon Valley and real-time payments

Few places know the value of a real-time response like Silicon Valley and that’s a big reason I’m thrilled about today’s FiSync announcement.

Banking is one of those prerequisites to do business, pay taxes, pay employees and just about everything else.

Every company in the valley has basic access to the same similar tools from their bank. Some banks have better interfaces, services, or API’s that drive customers with a technology focus but none of those banks have previously offered open access to a network that let people transact like you can on the Dwolla network.

BBVA did that today and made it available to anyone who banks with them.

To transact instantly without using a plastic card or a 16 digit account number on a set of real-time rails was sort of a dream. When we started working on FiSync we heard more than a few times that it would just remain a dream until it was mandated.

The benefits are pretty obvious:

  • Remove sensitive information.
  • Move the money instantly, no waiting.
  • Access it through the web and without being a payment expert.
  • Build new software on top of it without having to worry about rebuilding the infrastructure.

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What I’m reading this weekend

Knowing I had a long flight today and I actually thought ahead and saved a few articles to read. I thought some of you may find them interesting as well. Each one has a nice little gem somewhere in it.


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