As the mainstream adoption and subsequent uproar around Apple Pay has shown, people are beginning to expect that the financial industry catch up with the supercomputer in their pocket.
Credit cards and cash are still on the front lines, but the bigger changes will come when startups bring their innovations inside the banking industry itself. “We’re at a very interesting time where technology has evolved to the point the customers are demanding better experiences,” says Chad Ballard, the aptly titled Director of Digital Challenges at Banco Bilbao Vizcaya Argentaria (BBVA), one of the largest banks in the world. “Banks traditionally have not been able to facilitate a good customer experience when it comes to payments.”
Today Dwolla, a payment startup backed by some of tech’s top investors, announced a partnership with BBVA Compass, the financial giant’s American arm. Compass is adopting FiSync, a Dwolla service that dramatically speeds up the time it takes transfer money while reducing the fees involved. “We’ve set our minds on being the best bank in this digital century, and we believe strongly that the best way to get there is to combine our in-house capabilities — our real-time core banking platform, for one — with startups whose very existence is designed to redefine the financial services industry,” said BBVA Compass Chairman and CEO Manolo Sánchez.
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