Dwolla Connect Expands Open Finance Integration

Published 6 months ago

Dwolla, a prominent provider of account-to-account payment services, has announced the expansion of its latest solution, Dwolla Connect. This has been achieved by integrating it with the open finance ecosystem. This integration allows for the secure transfer of open finance data to the Dwolla platform, thereby unlocking new capabilities such as bank verification through trusted third-party providers.

Boosting Secure Payment Experiences

The integration of Dwolla Connect with the open finance ecosystem is a significant advancement in secure payment experiences. It combines top-notch data protection and payments automation for finance and technology teams in mid to large-scale businesses. Dwolla’s Secure Exchange Solution, which was released in July 2022, is a central feature of this new advancement. This tokenized solution allows for more interoperability with third-party providers, giving clients the freedom to choose their desired providers and configure a solution that suits their needs.

Skyler Nesheim, CTO of Dwolla, highlighted the importance of embracing open banking, stating that the latest innovation for Dwolla Connect allows clients to securely exchange tokenized information, thereby simplifying the payment process.

Key Features of the Updated Dwolla Connect

The updated Dwolla Connect offers enhanced security, flexibility, and scalability. By exchanging tokens with trusted partners, clients can share information securely, ensuring data integrity. The Secure Exchange Solution enables rapid onboarding of new data providers, providing businesses with a secure, tokenized experience without the complexities generally associated with such solutions.

Collaboration and Comments from Partners

Several of Dwolla’s partners, including MX, Mastercard, Flinks, and Plaid, have expressed support for the Secure Exchange Solution. They believe that this step forwards embraces an open finance ecosystem that champions security and innovation for the benefit of consumers and businesses.

As Dwolla continues to expand, its commitment to client flexibility and scalability remains steady. Clients can seamlessly configure solutions that meet their needs within the unified Dwolla integration framework.