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Payment Methods

Standard ACH
Standard processing times.

Same Day ACH
Expedite your payments.

Real-Time Payments
Transfers in real time.

 
Features

Webhooks
Real-time notifications.

Correlation IDs
Tracking transactions and reconciling bank records.

Addenda Records
Additional transaction information, like a note or memo.

 

 

 

 

 

Security

Open Banking Services
Instant account verification, balance checks and fraud mitigation.

Tokenization
Digital interactions result in unique identifiers.

Bank Verification
Smoother, safer, more efficient transactions.

Secure Exchange Solution
Securely exchange data with trusted partners.

Benefits

Sandbox Environment
Simulate use cases and try out features.

Dedicated Support
Supporting your payments journey.

Digital Payments for the Insurance Industry

Dwolla empowers insurance companies to eliminate the outdated payment systems and manual processes that negatively impact cash flow, payment predictability, payment security and policyholder experience.
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BEFORE DIGITAL TRANSFORMATION

Industry Challenges

Outdated payment systems and manual processes have long plagued the insurance industry with issues of slow payments, low visibility into payments data, security risks and policyholder attrition.

Outdated Payment Systems and Manual Processes
Outdated payment systems and manual processes slow down insurance payments, increase the likelihood of human error and cost significant time and money. They also decrease payment predictability and visibility throughout the payment cycle.
Payment Security
Security concerns and risks can lead to costly fraud incidents or security breaches, as well as reputational damage and lack of trust between insurance companies and their policyholders.
Policyholder Attrition
Slow claim payments and inconvenient payment processes create a poor experience for their policyholders and cause policyholder dissatisfaction and attrition.
AFTER DIGITAL TRANSFORMATION

Increased Payment Speed and Predictability

Dwolla replaces checks and fragmented or disjointed payment experiences with digital and streamlined A2A payments, leading to quicker payment processing and access to funds, and allowing for real-time payment data visibility. 

  • Pay and get paid more quickly through payment automation and digitizing payments. This improves cash flow and increases payment predictability.
  • Reduce manual errors, time and cost by eliminating manual processes and instantly applying funds received to open accounts receivable.
  • Track payments end to end, automatically close out open accounts receivable and receive real-time notifications about payment statuses.
Dwolla transactions screenshot on a desktop

Increased Payment Security

Since Dwolla is a tokenized solution, account and routing numbers are stored and transmitted with a token instead of having to pass the numbers themselves every time a payment is made. 

  • Replace sensitive data with tokens so no sensitive data is transmitted when a payment is initiated through Connect.
  • Decrease the risk of sensitive data being intercepted by bad actors.
  • Eliminate manual processes to reduce errors caused by human intervention and the number of people with access to and handling sensitive policyholder data.
A lock with a security shield and verification checkmark on the front, with network data lines in the background.

Improved Policyholder Experience and Retention

Insurance companies can easily integrate Dwolla Connect into their policyholder-facing application, bringing payments to the customer in a unified billing, payments, claims and account management experience. 

  • Integrate payments into your current systems and flows, and control the branding and policyholder experience.
  • Automate and digitize payments to streamline the payment process for you and your policyholders.
  • Create a competitive policyholder experience that leads to policyholder loyalty and retention and increases policyholder acquisition.
Monthly Premium, Automated Payments Schedule on a mobile device. Image of a person on their device.

Fast, Streamlined Insurance Payments

A pet insurance company uses Dwolla to reimburse its policyholders with a single click.

“We have integrated Dwolla in such a way that our claims system will only take one click to initiate a reimbursement that’s delivered directly to the policyholder’s bank account.”
Pet Insurance CompanyCo-Founder and CEO

Leading Open Banking in North America

40+ Partners
20M+ End-Users
121M+ Annual Transaction Volumes
99.9% Uptime, 365 Days

Dwolla Connect

Dwolla Connect is a unified API solution across financial institutions and account-to-account payment methods and is designed specifically for mid- to enterprise-sized businesses with established payment operations. It empowers them to undergo a seamless digital transformation from outdated payment systems, manual processes, and file-based operations to fully streamlined, automated processes.

 

Learn how this Insurtech platform increased transaction volume by 45%

This Insurtech company was spending two days each week issuing reimbursement checks to policyholders, which was costing them time and money. By embedding Dwolla’s solution, they automated disbursement processes and increased transaction volume by 45%.

LEARN MORE

Innovations, Ideas and New Payment Possibilities

From best practices to bold ideas, see how Dwolla and our customers uncover solutions using account-to-account payment technology.
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