IdentityMind will provide its fraud prevention and compliance tools to help businesses using Dwolla’s online payments platform protect against payment fraud.

Software provider IdentityMind has announced a partnership with Dwolla, Inc., to assist Dwolla’s clients with identity verification, compliance requirements and fraud prevention. Using machine learning, the IdentityMind platform can discover patterns of suspicious customer behavior that can ultimately reduce transaction and customer onboarding fraud for a business sending, collecting or facilitating online payments.

By joining the Dwolla Partner Ecosystem, IdentityMind will offer Dwolla’s clients access to its platform for Know Your Customer (KYC), Know Your Business (KYB), sanctions screening and transaction monitoring via the IdentityMind API. These solutions streamline onboarding processes by reducing friction for trusted users and increasing it for suspicious users. As businesses continue moving away from manual payment processes and investing in digital payments, IdentityMind complements Dwolla’s programmable payment platform as a way of further mitigating fraudulent activity and increasing regulatory compliance.

“Companies are realizing the benefits of offering an online payment option, from both the customer and employee perspective. But as these companies go through a digital transformation, they need to feel protected against malicious activity,” says Brady Harris, CEO of Dwolla. “Our partnership with IdentityMind provides this protection by adding automation to support a traditionally manual aspect of business.”

The Dwolla Partner Ecosystem was formed to provide Dwolla’s clients with access to services that can help them scale effectively.

“Both IdentityMind and Dwolla are able to service companies, whether they’re start-ups, enterprise, or somewhere in between,” says Neal Reiter, Vice President of Platform for IdentityMind. “We are excited to work with Dwolla and their innovative list of clients to assist with their success.”

Understanding which customers to trust is a matter of both fraud and compliance. Verifying an identity and understanding the risk that each person poses is important both for the onboarding and ongoing monitoring process. Documenting these efforts for regulators is important and traditionally a manual process. But because IdentityMind offers a real-time platform that offers both, combining these services is greatly simplified.The result is that Dwolla clients can have a better sense of whether they should trust the person or business on the other end of the transaction.


About IdentityMind

IdentityMind creates Trusted Digital Identities (TDIs) via its SaaS platform for online risk management and compliance automation. With IdentityMind, companies can reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, KYC, and now, KYB. By continuously building, validating and risk scoring digital identities through its eDNA™ technology, IdentityMind ensures global business safety and compliance from customer onboarding and throughout the customer lifecycle. IdentityMind securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods) to build payment reputations, and allows companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind. IdentityMind is now an Acuant company.

About Dwolla

Dwolla, Inc. is a FinTech company that is changing the way developers program payments. Since 2017, Dwolla has been powering payments for some of today’s most innovative companies helping them move billions of dollars on behalf of millions of end-users. Businesses building the future either use Dwolla—or they should.


Stay Updated