CHICAGO and DES MOINES, Iowa, Oct.
28, 2015 /PRNewswire/ -- CME Group, the world's leading and
most diverse derivatives marketplace, today announced it has signed
a commercial agreement with Dwolla, a modern bank transfer
platform. The commercial arrangement will offer Dwolla's real-time
architecture to facilitate on demand payment capabilities for
clearing and settlement, as well as streamline payment operations
for CME Clearing members and clients.
"With its established customers and proven real-time systems,
Dwolla's technology provides CME Group with an innovative platform
to deliver secure and sophisticated payment services to our
clearinghouse member firms," said Sunil
Cutinho, President of CME Clearing. "As we continue to
explore additional applications of Dwolla's technologies and the
resulting efficiencies to be gained, we are pleased with the
immediate value we will deliver to our clearing members."
The first application of Dwolla's technology will be applied to
CME Group's Broker Payment Systems and Give Up Payment Systems and
will enable customers to process payments more quickly and cost
efficiently. This is the first time Dwolla has been applied in the
exchange space.
In addition to this commercial arrangement, CME Group is also a
strategic investor in Dwolla through its investment arm, CME
Ventures.
"CME Group has helped Dwolla bring real-time technology to the
derivatives industry to enable faster access to liquidity and
funding for the industry," said Ben
Milne, CEO and founder of Dwolla.
Aside from traditional bank transfers, Dwolla's network provides
financial institutions with a real-time payments platform with its
proprietary protocol, FiSync. Live since 2012, the secure
connection provides banks an interoperable private-by-default
ledger and mechanism that enables real-time clearing and settlement
services, specifically the confirmation and availability of good
funds.
About CME Group
As the world's leading and most
diverse derivatives marketplace, CME Group (www.cmegroup.com) is
where the world comes to manage risk. CME Group exchanges offer the
widest range of global benchmark products across all major asset
classes, including futures and options based on interest
rates, equity indexes, foreign exchange, energy,
agricultural commodities, metals, weather and real estate. CME
Group brings buyers and sellers together through its CME Globe®
electronic trading platform, its trading facilities in New
York and Chicago, and through
its London-based CME Europe derivatives exchange.
CME Group also operates one of the world's leading central
counterparty clearing providers through CME Clearing and CME
Clearing Europe, which offer clearing and settlement services
across asset classes for exchange-traded contracts and
over-the-counter derivatives transactions. These products and
services ensure that businesses everywhere can substantially
mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globe and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board
of Trade are trademarks of the Board of Trade of the City of
Chicago, Inc. NYMEX, New
York Mercantile Exchange and ClearPort are registered trademarks of
New York Mercantile Exchange, Inc. COMEX is a trademark of
Commodity Exchange, Inc. All other trademarks are the
property of their respective owners. Further information about CME
Group (NASDAQ: CME) and its products can be found at
www.cmegroup.com.
About Dwolla
Dwolla provides a real-time
communication and interoperability network and platform for bank
transfers. Using its real-time ledger, directory, and settlement
infrastructure, the network connects to financial institutions to
move U.S. dollars through its own instant bank transfer rails,
FiSync, or existing systems, like ACH or wire. Its branded or white
label APIs allow individuals, businesses, software platforms,
financial institutions, federal agencies—anyone in the U.S.—to
simply and securely leverage Dwolla's capabilities and the U.S.
payment system to send and receive funds, without the transaction
fees and heavy lifting of traditional systems. Dwolla has raised
over $30 million from CME Group,
Andreessen Horowitz, Union Square Ventures, et al and is based in
Des Moines, Iowa. Learn more at
https://www.dwolla.com.
CME-G
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SOURCE CME Group