Dwolla opens up Plaid integration for enterprise clients
Dwolla and Plaid Team Up to Simplify Financial Transactions for Enterprises
A new integration between Dwolla and Plaid is set to revolutionize the way mid-to-large organizations handle financial transactions. This partnership aims to provide a unified API for access to various payment methods and Open Banking services, streamlining processes and reducing complexity.
The integration of Plaid's services into Dwolla's platform is expected to bring several key benefits and features.
Seamless Account Verification and Aggregation
Plaid enables secure connection and verification of financial accounts across institutions. This allows businesses using Dwolla to easily link customer accounts, verify ownership, and access transaction histories, ensuring smoother onboarding and reduced fraud risk.
Enhanced Payment Orchestration
Dwolla’s API-first platform, combined with Plaid’s data aggregation, supports instant payment capabilities over multiple real-time rails like RTP and FedNow. Businesses gain unified payment processing with optimized routing and redundancy, enhancing payment reliability and speed.
Improved Cash Flow and Customer Satisfaction
Real-time payments processed through this integration give businesses immediate fund availability, improving liquidity. Faster payment experiences also boost end-customer satisfaction and loyalty.
Automation and Data-Driven Insights
The integration facilitates automation of payments and transfers while attaching richer data to each transaction. This supports easier reconciliation, accounting, and strategic financial decision-making.
Single API for Multi-Network Access
Enterprise customers can manage payments across multiple rail networks via one API, simplifying implementation and operations.
Security and Compliance
Both platforms emphasize secure data handling, encryption, and compliance (such as NACHA standards for ACH), providing enterprises with confidence in data protection and regulatory adherence.
Branded Research is one of the first companies to use the new Dwolla-Plaid integration to enhance its survey payout process. Dwolla clients can now leverage Plaid's services without needing to integrate with multiple vendors, further simplifying operations.
Dwolla's CEO, Dave Glaser, stated that this integration streamlines clients' infrastructures and accelerates their ability to innovate. Brian Dammeir, global head of payments and financial management at Plaid, added that partnering with Dwolla represents Plaid's commitment to simplifying bank-based payments in financial services.
The Dwolla-Plaid integration, which was announced in October 2024, is now widely available to enterprise customers. This marks a pivotal moment in Dwolla's journey toward a fully unified payments platform. The new solution operates via a single API to provide access to Open Banking services integrated with Pay by Bank payment methods, including ACH, FedNow, and RTP.
[1] Source: Dwolla Press Release, October 2024 [2] Source: Plaid Press Release, October 2024 [3] Source: Branded Research Blog Post, November 2024
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