Dwolla Expands Platform With Open Finance Integrations

Dwolla, an account-to-account payment services provider, has expanded its Dwolla Connect solution by integrating it with the open finance ecosystem. 

This integration allows Dwolla Connect clients to securely transfer open finance data to the Dwolla platform, unlocking new capabilities like bank verification through trusted third-party providers, the company said in a Monday (Oct. 30) press release. 

This integration brings together data protection and payments automation for finance and technology teams at mid- to enterprise-sized companies, according to the release. By simplifying the payment process and providing secure access to critical financial data, Dwolla aims to empower its clients. 

At the heart of this development is the Dwolla Secure Exchange Solution, a tokenized solution released in July 2022, the release said. This solution prioritizes flexibility and establishes a deeper connection into the open finance ecosystem, enabling expanded functionality within the Dwolla platform in the future. It allows clients to choose their preferred third-party providers and configure a solution that suits their specific needs. 

The integration of Dwolla Connect with the open finance ecosystem also offers flexibility and scalability, per the release. The Secure Exchange Solution facilitates rapid onboarding of new data providers, enabling businesses to leverage the power of Open Banking with minimal engineering resources. This streamlined integration simplifies the process for businesses, providing users with a secure, tokenized experience without the complexities typically associated with such solutions.

Dwolla’s partnerships with trusted third-party providers, including MX, Plaid, Finicity and Flinks, further solidify its position in the open finance ecosystem, according to the press release. These collaborations allow Dwolla to deliver enhanced financial data and services to its clients, promoting accessibility in the digital financial services industry.

With consumers and companies worldwide finding it easier to conduct business digitally, the onus is on FinTechs and financial institutions to ensure these customers can trust the frameworks on which their payments travel, Dwolla CEO Dave Glaser told PYMNTS in an interview posted in February 2022.

“I think it falls on all of us to make sure that these interactions are as secure as possible using modern security protocols,” Glaser said. “It’s important for everybody in the open banking ecosystem to employ multilayered approaches to protect consumer credentials.”

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