Dashboard Accessibility Improvements
Dwolla has updated various components in the dashboard to better align with Americans with Disabilities Act (ADA) standards. These updates include better text contrast with background colors.
Log into the dashboard today to view trends, customer information, funding sources statuses, transactions and more.
IP Allowlisting: Added Layer of Security
Dwolla now supports API clients to define which IP addresses can access the Dwolla API to prevent unauthorized networks from performing actions on behalf of your application. This is an opt-in functionality. You do not need to take any action if you do not require IP allowlisting.
If you would like to opt in, you can find the settings in your dashboard under the new “Allow List” tab in the applications section.
Product Update: IAV Sunset
Dwolla is in the process of updating our funding source verification options to better support the needs of our clients. At the end of this year, Dwolla will sunset our Instant Account Verification (IAV) product, which is powered by Dwolla.js.
To avoid service disruption, we recommend businesses currently using or planning to use our IAV service to migrate their account verification to one of our third-party data providers (e.g. Plaid) before December 31, 2022.
Through the remainder of 2022, businesses using the IAV solution should prepare to carry out micro-deposits for account verification in the instance that a bank discontinues support for the current IAV technology.
Dwolla is continually assessing opportunities around bank account verification and other open banking services. Look for more information in the coming months on the initiatives that we will be exploring.
Form 1099-K: Changes Coming in 2023
Dwolla issues a 1099-K form for transactions within our network that exceed certain federal or state reporting thresholds. For the 2022 tax year, the federal threshold for reporting of transactions was lowered to $600 (down from the $20,000 threshold in 2021).
This will result in more 1099-K forms in the 2023 tax season.
Dwolla is actively working to roll out a process update to address these changes. Expect to hear more from us in the coming months about how this will affect your business and end users.