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April 8, 2021updated 14 Apr 2021 11:07am

Dwolla Unlocks Real-Time Payments

By Douglas Blakey

Payments platform Dwolla is releasing access to Real-Time Payments. This instant payment option can send money directly to a bank account in seconds using the RTP Network.

Dwolla’s solution for programmable Real-Time Payments is powered by Cross River Bank. And it comes after a decade of experiences in faster payments. The company contributed to the Federal Reserve Faster Payment Task Force and Mojaloop initiatives. In partnership with the Bill and Melinda Gates Foundation it aims to refine a customer-centric real-time experience.

Businesses can integrate Dwolla’s payment API to connect with RTP-enabled banks and send funds within seconds to a bank account. Existing clients can change a single line of code to initiate an RTP transaction using the Dwolla API.

Dwolla: real-time payments ‘game-changing’

“Today is game-changing,” says Dwolla CEO Brady Harris. “Not just for adding real-time payments to Dwolla’s payments technology. But because of how we collaborated with a forward-thinking financial institution to make real-time payments easily accessible to all businesses. 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.”

By integrating Dwolla’s simplified API, businesses have the flexibility to initiate transfers across multiple payment modalities (ACH, Push-to-Debit, RTP) to their vendors and customers for an ideal experience. In partnership with Cross River, Dwolla has lowered the barrier for its clients to access the RTP Network. Instant bank transfers are available 24 hours a day, every day of the year.

“We are always working on ways to provide our partners with the most innovative and cutting-edge solutions to align with their needs. The payments space is rapidly evolving to meet customer demands. Instant transactions are the next wave,” says Adam Goller, EVP, Head of Fintech Banking at Cross River. “We are excited to power Dwolla’s new, Real-time Payments offering, positioning us to lead the industry into the future.”

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