This pre-integration strengthens Dwolla's unified account-to-account payment solution, offering instant account verification and risk assessment
Dwolla, a leading U.S.-based account-to-account (A2A) payment solution provider, today announced an expanded partnership with Plaid, a data network powering the digital financial ecosystem.
Set to go live in early 2025, this premiere payments solution will integrate Plaid's instant account verification (IAV) and network-powered risk assessment capabilities into Dwolla's pay by bank platform. This will enable customers to onboard with Plaid through Dwolla’s Open Banking Services, creating a modern A2A payment offering for mid- to enterprise-sized businesses.
"Our expanded partnership with Plaid represents a significant step forward in our mission to simplify and streamline pay by bank payments for businesses," said Dave Glaser, CEO of Dwolla. "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."
The innovative integration offers several key benefits:
- Comprehensive A2A Payment Solution: Dwolla’s Open Banking Services provides a single vendor and single API solution, simplifying the operational and technical aspects of implementing and maintaining payment systems.
- Instant and Secure Transactions: The partnership enables businesses to execute instant and secure bank transfers and pay by bank transactions, improving payment efficiency and customer experience.
- Extensive Bank Coverage: Dwolla's scalable solution with Plaid connects to financial accounts at over 12,000 institutions in the United States.
"Expanding our partnership with Dwolla aligns perfectly with our goal of making open banking payments and money movement more accessible and efficient,” said Tamara Romanek, Head of Partnerships at Plaid. “By combining Plaid's robust account verification and risk assessment capabilities with Dwolla's innovative A2A payment infrastructure, we're creating a powerful tool that will help businesses streamline their payment processes and provide better experiences for their customers."
Looking to the future, the partnership with Plaid could also enable Dwolla’s customers to mitigate ACH return risk and perform enhanced fraud detection and prevention.
“We’re working with partners like Plaid to future-proof A2A payments,” said Skyler Nesheim, Chief Technology Officer at Dwolla. “Our product roadmap will enable Dwolla’s customers to tap into innovative, network-powered insights with solutions such as Plaid Signal and Identity Match, giving businesses access to risk scores, attributes based on transactions and network activity, and verification of account ownership.”
This integration is part of Dwolla's ongoing efforts to enhance its Open Banking Services, which already includes partnerships with other industry leaders such as Visa and MX. Combining instant account verification, machine-learning risk assessment and Dwolla's existing payment capabilities creates a unified, modern solution for businesses looking to optimize their payment systems.
Plaid is a long-time partner of Dwolla's, with hundreds of mutual customers using the existing Secure Exchange Solution, an integration model that will continue to be supported through the processor token integration.
For more information about Dwolla's Open Banking Services and this new integration with Plaid, please visit www.dwolla.com.