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.
Yesterday, if you operated a Silicon Valley based payments company, marketplace, or technology company in general and you wanted to leverage real-time transfers between banks to build great products, you couldn’t.
That’s because companies operating in the valley couldn’t get a bank account that was connected to the rest of the Dwolla network in real-time.
The value of banking at a place where Dwolla is connected with FiSync is that there are no delays. The money flows in, out, and through Dwolla’s network virtually instantaneously. You click send and the money moves as fast as the page loads:
You don’t wait for the next day. You blink, and the money is available on the other side.
The second you receive a payment from your customer it is available in your bank account to spend.
To get that tech means selecting carefully where to bank your business.
- If you’re in California, that place is BBVA Compass.
- If you’re in Iowa, that place is Veridian Credit Union.
Real-time transactions end to end can now be leveraged in the valley. Last week I couldn’t tell a business where to get a real-time connected bank account if their office was in SF or Palo Alto.
Now I can and I will. Go to BBVA Compass.
I’m excited to see what Silicon Valley and the minds inside of it do with real-time.
SILICON valley is important.
A Silicon Valley company made that happen in a store located in Des Moines, Iowa. Without the valley, I wouldn’t be able to do that. This is the type of innovation the valley accelerates and it’s an important part of building a new network that’s connected to everything on the internet.
To me, this is a little bit like re-launching Dwolla all over again. Dwolla’s initial launch in Dec 2010 made a low cost network available in the valley and it’s changed our direction forever.
Today, 4.5 years later that network’s core technology, the real-time FiSync technology, is now available in the valley.
What happens from here is anyone’s guess. If I was a news anchor covering this development I feel like I’d be saying:
This story is still developing.
If you want FiSync, go get it.
I’m sure BBVA Compass would love to serve you.