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Account-to-account payments provider Dwolla Inc. is readying itself for more pay-by-bank business with an expanded integration to open-banking platform Plaid Inc.
Des Moines, Iowa-based Dwolla says the integration, which is scheduled to go live in early 2025, will make Plaid’s instant account-verification and risk-assessment services available in Dwolla’s pay by bank platform. This will enable clients to onboard with Plaid via Dwolla’s Open Banking Services.
“By integrating Plaid’s advanced account-verification and risk-assessment features into our Open Banking Services, we’re providing a single, unified solution that addresses the complex needs of modern enterprises in the evolving payments landscape,” Dave Glaser, Dwolla’s chief executive, says in a statement.
In addition to bolstering Dwolla’s account-to-account payments service, the integration also is expected to help with instant and secure transactions and expand Dwolla’s potential client base to include Plaid’s platform, which connects financial accounts at more than 12,000 U.S. financial institutions. Dwolla has existing integrations with Visa Inc. and MX Technologies Inc.
In related news, Sweden-based open-banking payments provider Trustly AB, says it is forecasting $100 billion in total payments value processing in 2024. More than 112 million global consumers have used Trustly’s pay-by-bank services at checkout.
Trustly, which entered the North American market with its 2019 acquisition of PayWithMyBank as Trustly Inc., predicts its Americas division will have notable volume in 2024, representing a 33% increase year-over-year. Trustly says its Americas division will have a total payments value of $92.5 billion in 2024.
Trustly Inc. says recent deals with Bankify from BNY Mellon, an agreement to use Newline, a Fifth Third Bank API service, and other agreements will also boost its efforts in 2024.
