Dwolla rolls out real-time payments
With real-time payments growth proceeding at breakneck speed in Europe and Asia, North America is playing catch up in this space, with providers of networks and infrastructure supporting this growth either through acquisitions or partnerships.
This week, Iowa-based payments company Dwolla has released access to real-time payments which would allow for sending funds directly to a bank account in seconds using the RTP network.
Last month, Payments Canada tapped Interac Corp for a real-time payments system, powered by Cross River Bank. Cross River Bank is a commercial banking company based in New Jersey. Businesses can integrate Dowall’s payment API to connect with RTP enables FIs and send funds to bank accounts while existing customers can change a single line of code to initiate an RTP transaction using the Dwolla API, the press release noted.
“The immediacy of real-time payments will fundamentally change how businesses operate. As electronic payments continue to grow in adoption, RTP is the perfect complement to our ACH and Push-to-Debit offerings,” said Dwolla’s CEO Brady Harris.
With the integration of API, businesses can use multiple payment modalities for their transfers to their vendors such as ACH, push-to-debit and RTP. Organizations that will integrate with ‘Dwolla’s payment API have the flexibility to configure a tailored payment solution with various pricing options, transfer speeds and support levels, depending on the needs of their customers’.
As per the company’s website footnote, Dwolla is an agent of Veridian Credit Union. All ACH and Wire transfers are performed by Veridian Credit Union and the Dwolla Balance, if any, is held in one or more pooled holding accounts held by Veridian Credit Union.