Dwolla launches built-in Open Banking features

27 Feb 2024

US-based account-to-account (A2A) payment solution Dwolla has launched ‘Open Banking Services’ to further bolster its A2A payment offering.

These new built-in Open Banking integrations provide “essential functionalities”, such as instant account verification, balance checks, and fraud mitigation, all via Dwolla’s single API.

“Our vision with Dwolla’s Open Banking Services is to empower businesses with a seamless, all-in-one solution for A2A payments,” Dave Glaser, Dwolla’s chief executive officer, said.

“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.”

The new Open Banking Services by Dwolla aim to transform the A2A payment experience for mid- to enterprise-sized businesses by providing a comprehensive solution that encompasses instant account verification, balance checks, fraud mitigation and A2A transfers through a unified integration.

By pre-integrating with leading Open Banking service providers, Dwolla ensures a smoother implementation process for businesses, ultimately leading to more efficient, secure, and streamlined A2A payments.

The launch follows the release of Dwolla Connect last year, which is an API solution designed to simplify payment management for mid- to enterprise-sized businesses.

Dwolla Connect enables businesses operating across a range of industries to integrate A2A payments into their apps or connect with existing ERP/cash management systems.