Dwolla today announced the broad rollout of next-day transfers for qualifying businesses on its financial services platform, after completing a limited test with some of its government customers.
Similar to the average bank, “next day” for Dwolla will probably still mean two business days once all the processes are factored in, but the transaction time should/ be roughly three times faster than normal. The service applies to both deposits and withdrawals.
Dwolla operates with a $0.25 fee on transactions larger than $10. The startup managed to undercut existing banking fees, which typically cost around 3 percent, by going around existing infrastructure and building its own payment network. Dwolla CEO Ben Milne describes the process as “replacing plastic cards with the Internet.”
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