Continuing its strategy of enabling application developers to connect to its platform faster, Dwolla Inc. on Tuesday announced the addition of two new drop-in components.
The first new component, called Create Beneficial Owners, enables developers to streamline the collection of information required by payments companies for verification of the accounts they create, including accounts on the Dwolla platform, while ensuring sensitive information such as a Social Security number or date of birth doesn’t reside on their server. One complex data set collected in these instances is information for individuals that own or control 25% or more of a payments company, known as beneficial owners.
The second component, called the Document Upload component, streamlines the uploading of papers for accountholder identity verification. Information gathered by each component is typically collected when a new customer is onboarded to Dwolla’s platform.
Dwolla’s drop-in components are intended to allow developers to integrate Dwolla’s application programming interface using minimal lines of code. Such low-code programming is especially appealing to startup companies that lack application developers. With drop-in components, companies looking to onboard to Dwolla’s platform can simply copy and paste a component, as opposed to writing the code for the component from scratch.
“Verifying a beneficial owner and uploading documents for that verification are compliance issues that require heavy lifts from a coding standpoint,” says Ben Schmitt, vice president of product at Dwolla. “Our aim with the drop-in components is to cut the time it takes to load a component onto the Dwolla platform.” Depending on how many components are needed for integration to Dwolla’s platform, programming and testing can take weeks for each component, Schmitt adds.
Once onboarded to the Dwolla platform, payment providers can activate myriad payment options, including ACH, push-to-debit, and real-time payments via The Clearing House’s RTP Network. Dwolla recently announced Cross River Bank would serve as the engine that connects payment providers with RTP-enabled financial institutions.
Dwolla’s other seven drop-in components are: Create a Receive Only Customer, Create an Unverified Customer, Upgrade an Unverified Customer, Create a Personal Verified Customer, Create a Business Verified Customer, Display a Verified Customer’s Balance, and Pay-in.
Dwolla processes more than $20 billion a year in gross payment volume, up nearly 80% in 2020. The company expects the addition of real-time payments, to increase its transaction volume by more than $1 billion in 2021.