Dwolla’s recently launched Open Banking Services take advantage of MX’s Instant Account Verifications (IAV) and account aggregation solutions to provide mid- to enterprise-sized businesses with bank verification and balance check capabilities.

Dwolla enables businesses to digitally transform their payments infrastructure through a single API. Dwolla’s modern approach replaces legacy technology with a unified and streamlined solution, improving payment security, data visibility, and the customer experience. Now, Dwolla’s A2A payments are layered with MX’s verifications and aggregation capabilities to better equip businesses to deliver modern, simple, and secure money experiences through a single provider.

“Financial institutions increasingly prefer to leverage A2A payments to reduce transaction fees,” explains Dave Glaser, CEO, Dwolla. “However, the experience has to be easy and secure to convince consumers to choose A2A payments. 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.”

MX’s IAV solution allows organizations to verify accounts in less than 5 seconds with the latest security standards through direct OAuth connections, eliminating reliance on microdeposits. In addition, account aggregation through MX makes it easy and more secure for consumers to connect their external financial accounts to enable faster payments.

“With continued advances in Real-Time Payments and the launch of FedNow, 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,” adds Michael Whitacre, Chief Commercial Officer, MX. “Dwolla has been a valuable partner since 2020 and we’re excited to continue innovating together.”