Dwolla launches real-time payment options for business

By Jeff Domansky, April 6, 2021

Fintech payments provider Dwolla launched real-time payment services for businesses of all sizes in partnership with Cross River Bank.

Businesses can now integrate Dwolla’s payment API to connect with RTP-enabled financial institutions 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 new Dwolla API.

“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 businesses of all sizes.”

“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,” Harris adds.

As one of the first community banks to join the RTP® Network, Cross River provides seamless sending, clearing, and settlement of real-time payments via API with advanced messaging capability and robust compliance. Real-time payments give companies a convenient option for making consistent or larger vendor payments while avoiding the higher payment costs associated with cards.

By integrating Dwolla’s simplified API, businesses can initiate transfers to vendors and customers in real-time across multiple payment channels (ACH, Push-to-Debit, RTP). In partnership with Cross River, Dwolla has lowered the barrier for access to the RTP® Network for instant bank transfers available 24 hours a day.

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

Fast, easy real-time payments

Dwolla enables custom payment solutions with various pricing options, transfer speeds, and support levels. Businesses can pay per transaction or by monthly payment for an expanded feature set and premium support.

Other benefits of Dwolla’s Real-Time Payments offering include:

Send and receive payments immediately available, 24/7/365
Bank-agnostic payments technology for efficient and faster access to RTP transfers
Avoid ‘in transit’ payment delays for improved cash flow management
Added contextual data for business operations with transactions that include remittance, invoicing information
Easy access to the RTP® Network with a single, simple integration with Dwolla’s payment platform.

Dwolla’s new real-time payment services look like a real step forward for instant payments for businesses of all sizes.

More information about Dwolla’s real-time payment services is available here.

All about the real-time payments network

Established in 2017, the RTP network is owned by The Clearing House (TCH), a group of leading commercial banks dating back to 1853. TCH clears nearly $2 trillion in payments daily, representing half of all commercial ACH and wire volume.

The RTP network now reaches 56 % of direct deposit accounts held by US financial institutions. RTP network payments clear and settle individually in real-time with immediate finality. By comparison, same-day ACH payments are cleared in batches and finally settle after the payments clear.

Learn more about the history of The Clearing House in the video below.