Through this move, Dwolla’s clients are set to be able to utilise Plaid’s instant account verification and real-time balance check together with pay-by-bank payments via a single vendor and API. The integration focuses on simplifying infrastructure and accelerating the ability to develop new products and solutions. Additionally, the collaboration with Plaid enables Dwolla to offer a scalable solution that can improve how mid-to-large organisations manage and execute financial transactions.
The news comes shortly after Bectran launched an integration with Plaid to provide a secure way to accelerate bank verifications. The initiative centred on mitigating idle time from credit application reviews, in turn making them more efficient and secure. At the same time, Plaid and Bectran aimed to remove the need for manual bank references, which could be susceptible to input errors that could include inaccurate or dated information.
Operating through a single API, Dwolla and Plaid’s new solution offers access to Open Banking services embedded with pay-by-bank payment methods, including ACH, RTP, and FedNow. With this infrastructure, the two companies plan to minimise technical overhead and vendor management complexities by including multiple financial functions in one vendor-managed solution while augmenting efficiency and advancing development cycles. Commenting on the news, representatives from Plaid underlined that the collaboration with Dwolla supports their company’s commitment to optimise bank-based payments in financial services.
Moving forward, Dwolla intends to further improve this unified solution by including additional Plaid capabilities, such as identity data, expanded transaction insights, and Plaid Signal for advanced ACH return risk scoring. Through this, the company aims to facilitate deeper network-powered insights for risk management and operational efficiency. Besides the unified API solution, Dwolla and Plaid are set to work together via the Secure Exchange Solution, enabling clients to maintain a separate contract and API integration with both organisations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now