Status Money, a New York, NY-based personal finance management service provider, as per recent reports last month, in Feb. 2019, has entered into a payments partnership agreement with Dwolla, the Des Moines, Iowa-based only e-commerce company in the US that provides an online payment solution and a mobile payments network. Status Money expects to leverage this newly formed relationship with Dwolla to access the ACH network that processes large volumes of credit and debit transactions in batches, to enable it to timely send earned cash rewards to members more efficiently.
Furthermore, Dwolla will also be playing a major role in Status Money’s referral program, offering cash rewards to members for referring non-members to the app. The Status member earns $1 for each referral sign up, and the new referred member earns a $7 reward. After accumulating $10 or more in total rewards, the Status member gets an option to redeem the earned rewards for cash by the Dwolla-enabled, free ACH bank transfer.
According to Majd Maksad, Status Money CEO and co-founder, the cash rewards is an innovative new way to incentivize savings in the PFM industry, and further adds that working together with Dwolla would help them quickly transfer the earned cash rewards to members.
The Status app, with its financial insights based on national averages, peer comparisons, and over one million custom groups, combined with personal finance algorithms, enables users to better manage their debts, spending, savings, and investments, and further offers them a connecting link with partnering FIs that are apt at relevant financial services offering.