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Citing increased demand for low-cost account-to-account payment solutions, digital-payments fintech Dwolla Inc. announced it grew its partner ecosystem 45% during the first quarter of 2023, bringing the total number of partners to 40.
Among the companies to partner with Des Moines, Iowa-based Dwolla is financial data aggregator Flinks, a Montreal-based firm that will offer an account verification service to Dwolla’s clients. Dwolla’s Partner Ecosystem connects referral and reseller partners to advanced account-to-account applications and services.
Solutions offered by Dwolla’s ecosystem partners include using Dwolla’s application programming interface to enable credit unions to deliver faster and more flexible account-to-account experiences to transfer money between bank accounts at existing or other financial institutions the same day and embedding account-to-account payments within digital customer experiences.
“As businesses continue to embrace digital transformation, there is a growing demand for fast and secure payment solutions that can streamline financial processes and improve cash flow management,” Dwolla chief executive Brady Harris tells Digital Transactions News by email. “Account-to-account payment solutions are emerging as a popular choice.”
Factors driving the popularity of account-to-account payments include cost savings, speed and efficiency, technological advancement and customer expectations. When it comes to cost savings, Harris points out that the cost of processing a paper check can be as much as 10 times higher than an account-to-account transfer. From a speed perspective many account-to-account transfers take place in real time or near real time, which can help businesses streamline their payment processes and improve cash flow management, Harris adds.
On the technology side, modern APIs are making it easier for businesses to embed account-to-payments into their core offerings, enabling businesses to provide customers with a seamless payment experience without the need for manual interventions.
“As more consumers adopt digital payment methods, businesses are under increasing pressure to offer fast, secure, and convenient payment options,” Harris says. “Account-to-account payments can help businesses meet these expectations and stay competitive in their industries.”
Dwolla’s ecosystem partners include Plaid Inc., MX Technologies Inc., and Mastercard Inc.
