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Payments-technology provider Dwolla Inc. announced Tuesday the launch of its open-banking service for mid- and enterprise-sized businesses. The service streamlines businesses’ ability to embed open-banking capabilities within existing applications through a single application programming interface, as opposed to relying on connections to multiple vendors.
To further reduce the complexity of implementation and speed time to market, Dwolla’s open-banking API is pre-integrated with leading open-banking service providers.
With Dwolla’s solution, businesses can verify the existence of an account and check account balances in real time, as well as screen for potential fraud when initiating an account-to-account payment.
Open-banking technology allows payments and finance companies to access consumer accounts to verify ownership and funds availability for funds transfers and other transactions. As a result, consumers and businesses can access a wider range of financial offerings, and providers can tailor their services to meet individual needs and preferences, Dwolla says.
“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,” Dave Glaser, Dwolla’s chief executive, says in a statement.
The launch of its open-banking services API continues to build on Dwolla’s push into open-banking technology. Last October, Dwolla integrated its Dwolla Connect platform for account-to-account payments in open finance to enable clients to transfer open-finance data to the Dwolla platform.
