The new tokenized solution enables secure, simplified sharing of user data for easier money movement.
Modern payments platform, Dwolla, recently announced the addition of MX to its Secure Exchange solution partners. This collaboration on a tokenized offering provides Dwolla’s clients and reseller partners a more convenient and flexible way for them to access account verification services using MXapi Processor Tokens. MXapi Processor Tokens facilitate secure exchanges with mutual partners without the risk of using sensitive data or the need for third parties in money movement.
“The expansion of our network with the MXapi Processor Tokens showcases our continued commitment to provide cutting edge open banking solutions for our customers by simplifying and further securing transactions,” said Dwolla SVP of Product Yasser Abou-Nasr. “Dwolla continues to pave the way for secure, seamless and faster account-to-account transactions.”
Shared clients and partners between MX and Dwolla now have access to MXapi Processor Tokens, which remove the need for these clients to store sensitive user data, making it easier for mutual partners to easily access money movement datasets and also access account verification services. MXapi Processor Tokens leverage the Secure Exchange solution technology that places emphasis on the highest level of data protection coupled with the ease of exchanging tokens with various partners.
"Secure tokens make it easy and safe for our partners and clients to verify consumer financial data while avoiding the risks of handling and storing sensitive information," said Corinne Bartow, Vice President of Fintech Partnerships at MX. "We are excited to expand the use of the MXapi Processor Tokens with partners like Dwolla, improving data accessibility between MX clients and their mutual payment processor partners."
Dwolla’s expanded partnership with MX comes quickly on the heels of the introduction of the Secure Exchange solution. These recent initiatives further Dwolla’s investment in open banking innovations alongside their announcement of their support of the Same Day ACH transaction limit increase and their Virtual Account Numbers (VANs) feature.