Dwolla introduces white label service
03 September 2015 | 7535 views | 0
Payments firm Dwolla is introducing a while label service that promises to give banks and businesses an API that does what ACH does without the overheads.
Des Moines-based Dwolla set out to build a scalable, global payment network capable of taking on national automated clearing houses and card schemes, promising to make it easier and cheaper to move money.
Since launch the firm has signed up thousands of businesses, secured alliances with banks and credit unions for its FiSync real-time money transfer system, and even struck a deal with its home state of Iowa to process taxes.
Now Dwolla is offering banks and others the option of using its existing infrastructure - fraud analysis, partnerships, communication protocols - through APIs that let them maintain their own brand’s look, feel, and name on end-user interactions.
The white label option also means that firms do not have to ask other parties in transactions to sign up for Dwolla accounts. Says Dwolla's Jordan Lampe: "Today’s release allows platforms to send ACH payments without requiring the collection of new information from existing customers—simply use the data you already have. It’s a perfect solution for payouts."
CEO Ben Milne told the Des Moines Register that the new option is part of Dwolla's move beyond consumer-to-consumer payments as it tries to win over more businesses, which "don't always want our name on it".