Dwolla launches new product to streamline payment operations
Des Moines-based payment services provider Dwolla announced today the launch of Dwolla Connect, an application programming interface (API) solution designed for mid- to enterprise-sized businesses. Dwolla Connect simplifies the process of replacing legacy technology with modern infrastructure, enhancing the management and reconciliation of payments across multiple financial institutions. According to a news release, mid- to enterprise-sized organizations struggle with outdated payment processes and fragmented banking integrations, each with its own API and unique set of requirements. With Dwolla Connect, businesses can embed a single API to avoid dealing with multiple bank integrations and simplify their treasury management by consolidating all payments into one cohesive view, the release said. It also allows businesses to leverage their existing commercial accounts at U.S. banks, including JPMorgan Chase & Co. and Wells Fargo, to initiate payments. “Expanding our product offering with Connect is an exciting step forward that showcases our commitment to offering simplified payment solutions tailored to our customers’ needs,” Dave Glaser, Dwolla’s chief operating officer and president, said in a prepared statement. “Not every business needs a digital wallet, but they do want our industry-leading payment processing capabilities to streamline their payment operations.” Dwolla Connect serves a range of industries, including financial services, lending, banking-as-a-service, marketplaces and insurance. In the next year, Dwolla plans to expand banking network coverage, introduce new payment methods, and increase value-added services.