In this episode of Fintech Impact, host Jason Pereira interviews Dave Glaser, the CEO of Dwolla, a leading digital payment solution that empowers third parties to offer streamlined and unified payment processing services. Dwolla's innovative platform facilitates efficient and secure digital transactions, revolutionizing the way businesses handle payments.Episode Highlights:05:36: Dave delves into the global theme of account-to-account processing, highlighting its rapid adoption in the U.S. This period coincided with the rise of fintech and the increased need for remote access to funds, especially during the COVID-19 pandemic.07:30: The conversation touches on Dwolla's evolving responsibility, moving from a B2C to a B2B provider. Dwolla now focuses on servicing businesses that interface with millions of consumers in their networks.11:25: Dave agrees with Jason's assessment, tracing the history of the ACH system and its evolution as money became more digital. He highlights the continuous innovation, from mainframe connectivity to modern cloud-based systems and mobile apps, democratizing access to exchanging money.13:36: Dave explains the significance of businesses digitally transforming their systems, processes, and moving to modern app-based, cloud-based systems. Dwolla aims to provide account-to-account solutions, emphasizing their lower cost, speed, and competitiveness compared to traditional methods.16:17: Dave delves into the motivators for banks, stating that deposits are the primary source of revenue, guiding banks in their decisions and incentivizing their actions. He emphasizes that while banks add value-added services, deposits remain the core focus.21:05: Dave identifies competition as the most significant challenge, emphasizing the fierce competition in the payment space. He highlights the necessity for efficiency, focus, strategic hiring, partnerships, and optimal resource utilization in the face of strong competition.Key Points:Dwolla is a leader in the United States for B2B enterprises processing account-to-account payments, with a focus on providing efficient and low-cost solutions for consumers and small businesses.Over the years, Dwolla has pivoted its focus from providing payments for consumers and small businesses directly to offering its API for the banking network.Dwolla is adapting to the evolving trends in the industry by focusing on providing faster payment methods and open banking tools through its platform.Tweetable Quotes:"Banks are primarily driven by deposits. Deposits are always at the core for banks and the way they think about things." - Dave Glasser"Competition in the payment space is fierce. Start-ups in this space have to be very efficient, very focused, very driven." - Dave Glasser"I get to bring account-to-account payments and open banking innovations to the US. I can't wait to get out of bed every day to do it." - Dave GlasserResource Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/daglaser/https://www.dwolla.com/  Hosted on Acast. See acast.com/privacy for more information.

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