Dwolla's Connect Solution Provides New Open Finance Integrations For Enterprises

Payment services provider Dwolla expanded its latest solution Dwolla Connect through its integration with the open finance ecosystem.

It will assist clients in securely transferring open finance data to the Dwolla platform and develop new capabilities like bank verification through trusted third-party providers like MX, Plaid, Finicity (Mastercard’s U.S. open banking arm), and Flinks.

This will also develop a secure payment service for finance and technology teams at mid- to enterprise-sized companies.

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“This latest innovation for our Dwolla Connect solution empowers clients to simply attach bank accounts and process payments by securely exchanging tokenized information. We are simultaneously simplifying the payment process and giving them secure access to critical financial data,” CTO Skyler Nesheim commented.

“We are delivering the consumer-permissioned financial data needed for innovation, and we do it in the way our customers require, and consumers have come to expect — simply, safely, and securely,” Mastercard EVP, Global Open Banking & API Jess Turner commented.

Also Read: Citi Turns To Digital Asset Space To Improve Cash Management, Trade Finance

The new feature also highlights a company feature launched in July 2022, Dwolla Secure Exchange Solution. It is a tokenized solution with flexibility and interoperability with third-party providers wherein clients can select which providers they want to work with.

Dwolla’s technology and easy-to-implement APIs make the complex process of integrating with the ACH and real-time payment networks easier. It leads to the creation of a single end-to-end solution. SMBs and Fortune 500 companies use Dwolla's technology in moving more than $45 billion annually.

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