Dwolla, an all digital bank transfer payment system, announced today that it submitted a faster payments proposal to the Federal Reserve-chartered Faster Payment Task Force for review and assessment.
The Fed-chartered initiative, comprised of the over 500 Faster and Secure Payments Task Force members, has been tasked with representing, addressing, and assessing improved payments systems. The Dwolla proposal offers an alternative to the 40-year-old $40 trillion bank transfer system that can take up to four days to transfer funds.
