Dwolla Taps MX for Account Verification, Aggregation Solutions
Dwolla has expanded its partnership with MX Technologies to help enterprises manage money movement.
The company’s recently launched open banking services include bank verification and balance check capabilities powered by MX’s instant account verifications (IAV) and account aggregation solutions, the companies said in a Wednesday (March 27) press release.
“Our partnership with MX allows us to help mid- to enterprise-sized businesses speed up payment processes with instant verifications and seamless account connections to meet consumer needs and keep pace with the evolving payments landscape,” Dave Glaser, CEO of Dwolla, said in the release.
Dwolla provides account-to-account (A2A) payment services through a single application programming interface (API), according to the release. This offering helps its customers reduce transaction fees and replace legacy technology with a streamlined solution.
MX’s solutions help organizations verify accounts in less than five seconds, adhere to the latest security standards and make it easy for consumers to connect their external financial accounts to enable faster payments, the release said.
With the addition of MX’s verifications and aggregation capabilities to Dwolla’s A2A payments, businesses can deliver modern money experiences through a single provider, per the release.
MX Chief Commercial Officer Michael Whitacre said in the release that “faster payment options require faster processes.”
“By working together, Dwolla and MX are ensuring FinTechs can continue to innovate and deliver fast, secure and compliant payment experiences,” Whitacre said.
Dwolla announced in February that it now offers open banking services like instant account verification, balance checks and fraud mitigation, letting mid- to enterprise-sized businesses offer fast and secure A2A payments through its API.
By offering a comprehensive, modern solution, Dwolla enables businesses to implement A2A payments without the need for multiple vendors, APIs and technical integrations, the company said at the time.
With both consumers and companies worldwide conducting business digitally, it is necessary for FinTech and financial institutions to ensure customers can trust the frameworks on which their payments travel, Glaser told PYMNTS in an interview posted in February 2022.
“It’s important for everybody in the open banking ecosystem to employ multilayered approaches to protect consumer credentials,” Glaser said.
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