BBVA Compass, the US banking arm of Spanish banking group BBVA, has partnered with payment processing firm Dwolla to allow its customers send and receive funds instantly through the latter’s payments platform.

The bank’s customers can send and receive funds via Dwolla’s secure payments protocol for financial institutions called FiSync that allows confirmation of good funds, secure authentication and real-time availability of money to and from the Dwolla network.

With this platform, customers can now bypass conventional networks, reducing time it takes to clear payments to seconds instead of the typical two-to-five business days, BBVA Compass claims.

FiSync uses authentication and tokenisation processes that eliminate the need for account holders to provide sensitive bank account information or credentials to Dwolla or any other party.

Under the partnership, Dwolla will allow customers of the bank to use its real-time network to make money transfers in the US.

BBVA Compass Chairman and CEO Manolo Sanchez said: "By working with Dwolla, BBVA Compass is ensuring that money is able to keep up with the speed of the instant economy. This will have a real and lasting impact on businesses and consumers alike."

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Dwolla CEO and cofounder Ben Milne said: "FiSync’s confirmation of good funds, real-time availability, and 24/7/365 clearing times are exactly the features that U.S. businesses from startups all the way to large enterprises-need from their financial institutions to keep up in today’s real-time economy.

"FiSync will give anyone with a BBVA Compass relationship a real-time platform to innovate new services, build compelling products or improve existing systems," Milne added.

Dwolla will charge a flat fee of 25 cents for transactions more than $10 but anything less than that is free.