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Dwolla expands its partnership with MX

Wednesday 27 March 2024 11:25 CET | News

Account-to-account (A2A) payment services provider Dwolla has expanded its partnership with MX Technologies Inc.

 

The partnership aims to facilitate money management for enterprises through enhanced capabilities. Dwolla's recently introduced Open Banking Services leverage MX's Instant Account Verifications (IAV) and account aggregation solutions to offer bank verification and balance check functionalities to mid- to enterprise-sized businesses. 

Dwolla specialises in digitally transforming payment infrastructure via a single API. This approach aims to replace outdated technology with a unified solution, thereby enhancing payment security, data visibility, and the overall customer experience. By integrating MX's verification and aggregation capabilities into Dwolla's A2A payments, businesses can become better equipped to deliver modern and secure money experiences through a unified provider. 

In the company press release, officials from Dwolla emphasised that financial institutions increasingly favour A2A payments to reduce transaction fees. They also underscored the importance of providing an easy and secure experience for consumers, highlighting how the partnership with MX enables businesses to expedite payment processes with instant verifications and seamless account connections, thus aligning with evolving payment trends. 

MX's IAV solution enables organisations to verify accounts swiftly, within seconds, while adhering to the latest security standards via direct OAuth connections, thereby eliminating the need for microdeposits. Furthermore, MX's account aggregation simplifies and enhances the security of connecting external financial accounts, facilitating faster payments for consumers. 

Official representatives from MX underscored the significance of faster payment options necessitating expedited processes, especially with ongoing advancements in Real-Time Payments and the forthcoming launch of FedNow. They also talked about the collaborative efforts between Dwolla and MX in ensuring that fintechs can innovate and deliver fast, secure, and compliant payment experiences.

 

Account-to-account (A2A) payment services provider Dwolla has expanded its partnership with MX Technologies Inc.

 

More information about the two companies 

Dwolla provides account-to-account payment solutions that support innovations in financial transactions. Its technology simplifies integration with ACH and real-time payment networks, looking after the needs of hundreds of SMBs and Fortune 500 companies. 

In February 2024, Dwolla launched new built-in Open Banking integrations to extend its A2A offering with instant account verification, balance checks, and fraud mitigation. These built-in Open Banking integrations expanded its A2A offering to include instant account verification, balance checks, and fraud mitigation. The company’s Open Banking Services equip mid- to enterprise-sized businesses with the functionality they need to offer fast and secure A2A payments through Dwolla's single API. 

As for MX Technologies, Inc., it specialises in actionable intelligence, supporting financial providers and consumers to leverage financial data effectively. Through end-to-end solutions, MX enables financial institutions and fintechs to connect to, understand, and act on customers' financial data.


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Keywords: partnership, Open Banking, digitalisation, API
Categories: Banking & Fintech
Companies: Dwolla, MX
Countries: United States
This article is part of category

Banking & Fintech

Dwolla

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MX

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