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Latest addition further secures open banking options and adds value to clients via trusted third-party data providers with a more streamlined experience.

Dwolla, a fintech company powering innovation with sophisticated account-to-account payment solutions, announced the release of its Secure Exchange solution, a tokenized approach to a more interconnected payment experience among trusted third-party data providers. The solution, which offers access to data exchanges from partners including Finicity, a Mastercard Company, fortifies Dwolla’s open banking strategy by transforming the account-to-account payment services through a more connected experience for businesses.

“The Secure Exchange solution is being developed to help move open banking initiatives forward in the United States,” said Dwolla SVP of Product Yasser Abou-Nasr. “Our clients will substantially benefit from the combined strengths of our partner ecosystem, which will provide more connectivity between the open banking players.”

The Secure Exchange solution, available now for account verification to Dwolla clients and reseller partners, offers an array of benefits including more flexibility and greater convenience while still emphasizing data protection. By exchanging tokens with trusted partners, Dwolla can directly request data, rather than requiring clients to collect and pass that sensitive account data through their applications.

“To bring global scale and adoption of open banking, we need to engage with strong partners,” said Mastercard EVP of U.S. Open Banking, Andy Sheehan. “This solution helps to bridge the gap in the current structure to provide more interoperable systems by utilizing tokens that protect sensitive data and offer connectivity to additional networks. Together we help innovators create unique digital financial services.”

Dwolla’s Secure Exchange solution facilitates account verification connections with Finicity with plans to continue to expand to more account verification and data aggregation partners. Each of the partners involved is renowned for building trusted open banking solutions and curating a more connected payments industry to harness the power of the diverse payment networks. This latest innovation in open banking unlocks the benefits of tokenization to further the connectedness of data providers and the backing of financial institutions for a more connected experience.

“We’re proud to contribute to the advancements in faster, more secure payments and offer our clients world-class solutions,” said Dwolla President and COO, Dave Glaser. “As more companies embrace the movement to digital payments, Dwolla is capitalizing on the latest technology, such as tokenization, and ensuring we are pushing the industry forward to perfect the modern open banking system.”

The introduction of the Secure Exchange solution follows Dwolla’s announcement of their support of the Same Day ACH transaction limit increase and their new Virtual Account Numbers (VANs) feature.


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