CAMBRIDGE, MA (PRWEB) August 21, 2013
Today MIT Technology Review reveals its list of 35 top young innovators (http://www.technologyreview.com/innovators-under-35/). For over a decade, the global media company has recognized a list of exceptionally talented technologists whose work has great potential to transform the world. For his work in designing an improved framework for payments inside the U.S. financial system, Ben Milne of Dwolla has been honored as an outstanding entrepreneur and will be featured on the cover of MIT Technology Review’s special INNOVATORS issue.
Using the Internet, Ben and his team developed a new payment solution that operates within existing financial systems and regulations to securely help banks and credit unions move real money in a more effective, efficient, and modernized manner. The payment network uses new partnership structures and technologies to verify identities, handle data, mitigate fraud, and isolate risk. These innovations afford Dwolla and its members with a drastically reduced fee and the potential for real-time transfers. Whether a member uses it to send money to a friend, shoot out mass payments online, or pays taxes with your phone: consumers, businesses – even government – are coming to favor Dwolla’s free or 25 cent flat-fee pricing model.
“While Dwolla’s payment engine represents nearly 60 years of technological advancement in payments, it’s how we consciously designed the system to navigate, collaborate, and create new opportunities within the existing U.S. financial system and its current stakeholders,” said Ben Milne, founder and CEO of Dwolla. “Brick by brick, Dwolla is helping businesses, consumers, financial institutions, governments - anyone connected to the internet - a better, more compatible way to engage with the U.S. economy.”
“Over the years, we’ve had success in choosing women and men whose innovations and companies have been profoundly influential on the direction of human affairs,” says editor in chief and publisher Jason Pontin. “Previous winners include Larry Page and Sergey Brin, the cofounders of Google; Mark Zuckerberg, the cofounder of Facebook; Jonathan Ive, the chief designer of Apple; and David Karp, the creator of Tumblr. We’re proud of our selections and the variety of achievements they celebrate, and we’re proud to add Ben to this prestigious list.”
This year’s honorees will be featured online at technologyreview.com starting today, and in the September/October print magazine, which hits newsstands worldwide on September 3. They will appear in person at the upcoming EmTech MIT conference from October 9–11 in Cambridge, Massachusetts (http://www.emtechmit.com).
Dwolla anything connected to the Internet to move money as quickly, safely, and at the lowest cost possible. Powered by an accessible web-based platform and its “free or 25 cent flat-fee” per transaction pricing model, the software uses the Internet to securely link mobile phones, computers, social communities, and even physical locations into a safe network that bypasses traditional card and check systems. This allows friends, families, businesses, even governments and enterprises to electronically send and receive funds with one another, like cash, but without the fees and constraints of traditional debit and credit cards.
About MIT Technology Review
MIT Technology Review leads the global conversation about technologies that matter. An independent media company owned by MIT, it produces publications read by millions of business leaders, innovators, and thought leaders around the globe, in six languages and on a variety of platforms. The company publishes MIT Technology Review magazine, the most respected technology magazine; daily news features, analysis, and opinion; and Business Reports, which explain how technologies are transforming industries. It produces live events such as the annual EmTech MIT, international EmTech conferences, Summits, and Salons. The company's entrepreneurial community organization, MIT Enterprise Forum, hosts 400+ events a year around the world.
For MIT Technology Review:
David W.M. Sweeney