If you have your ear to the ground in the payments space, you have probably heard that pay-by-bank is the latest craze. Operating in the account-to-account (A2A) payments space since 2008, Dwolla is launching a new offering that echoes that trend.
To bring its A2A payments offering into the new era, the Iowa-based fintech announced the launch of Open Banking Services today. The new open banking integrations will expand on Dwolla’s existing API, adding instant account verification, balance checks, and fraud mitigation to the services offered to the company’s mid- to enterprise-sized business clients.
Dwolla’s Open Banking Services are available through a single API that allows businesses to integrate the entire payment experience– from identity verification to exchanging account credentials– into their existing application. The company has pre-integrated with leading open banking service providers to ensure a smoother implementation process for businesses, reduce complexity, and accelerate time-to-market for A2A payment solutions.
Overall, Dwolla eliminates the need for businesses to use multiple vendors. The company’s white-label API streamlines transactions, leveraging The Clearing House’s RTP Network to allow users to send and settle funds in real-time. Dwolla also offers lower transaction fees, improved accuracy, and enhanced security.
“Our vision with Dwolla’s Open Banking Services is to empower businesses with a seamless, all-in-one solution for A2A payments,” said Dwolla CEO Dave Glaser. “By consolidating essential A2A payment functionalities under one roof, we aim to simplify the payment landscape for businesses, enabling faster time-to-market and improved operational efficiency.”
Dwolla is a three-time Finovate alum and most recently demoed at FinovateSpring 2015 where it debuted FiSync. The company has raised $72.4 million across nine rounds of funding.