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bank transfers Archive - TransSwipe - Merchant Services and Credit Card Processing

TransSwipe - Merchant Services and Credit Card Processing

Archive for the ‘bank transfers’ Category

FiSync and the Federal Reserve’s role in faster payments

The last week marks some memorable things:

  • 1 million accounts will have been created through the Dwolla platform
  • Billions of dollars will flow through Dwolla this year
  • 30% month over month revenue growth for nearly a year

Frankly, the third is what I’m most proud of. Releasing our white label products has been a great accelerant for our business and our customers’ businesses. Our focus has been to provide companies and organizations with an API to help move money more easily and get their new products to market faster.

This work, and all of the work that precedes it, has given us the opportunity  to contribute a detailed proposal (it’s 164 pages) to the Federal Reserve’s Faster Payment Task Force.

Advising on a better payment system

Last year, the Fed called on the industry to get its act together and join the rest of the world by creating an improved payment system for the United States. Over 500 stakeholders, payment experts, consumer groups, and regulators raised their hands and the Faster and Secure Payment Task Forces were formed. With the Fed’s help, the industry has created an effectiveness criteria and process to assess new payment systems—this is what Dwolla submitted to last Friday. A better payment system is also what we’ve always cared about building.

Why we choose to contribute

The industry is in a much different spot than it was 4 years, 2 years ago, even 6 months ago. The Task Force’s submission process hopes to help drive a kind of singularity in payments, where disparate innovations, ideas, and motivations converge to provide a new platform for money movement in the United States. When the Task Forces releases their final report early next year, they will have helped create a new market virtually overnight.

dwolla fisync federal reserve faster paymentsOur submission lays out some straightforward ideas for a faster payment system in the U.S. We know how this works because we already built one. It’s called FiSync and many of you may have already used it. Our submission reveals a lot about how FiSync works today and how it could work tomorrow inside an improved national payment system. I’m particularly excited about the path it paves for financial institutions to enjoy the type of platform growth we’ve seen over the years.

FiSync is a great technology. It assures real-time availability of good funds 24/7/365 to end users and is a tremendous leap forward in speed and security over today’s bank transfer system. Building it allowed us a very useful role in the payments world and forwarded an agenda we care about most: building the ideal way to move money.

Still the real-time payments landscape hasn’t accelerated like we thought. Maybe it’s our tech-centrism, but, we/I thought that if we built the best technology everyone would just use what we built. Instead of hoarding a technology that may or may not be relevant tomorrow, we believe sharing our ideas through the proposal will bring about a market for it to thrive. The more we listen and collaborate, the sooner everyone gets faster and more secure payments.

The thing about innovation is that it tends to occur and reoccur in the places that are built to nurture it. It’s time we hand off and share this innovation with the Task Forces in hopes that it accelerates how fast the market delivers faster payments at scale. We’re appreciative of the Fed for giving us the opportunity to help and the forum in which to do so.

For the time being, we’ve made sure our branded products at Dwolla.com and our white label APIs are ready for additional faster payment connections. So as new systems come online everything just gets faster without requiring those building on Dwolla to change a thing.

My final thought

One of the most exciting days in this company was getting FiSync to work for the first time. I wasn’t convinced originally I was looking at a production system until it was redone a few times and I took the time to log into my Veridian account. This was the first time we actually realized the money was moving faster than the website would load.

That feeling is something I’ll never forget. Equal parts fear and excitement but a healthy realization that this is just how it should work. Payments should be this fast and we think this step is the best way to get faster payments to everyone.

I thought, on a day like today, I’d be celebrating a million accounts and the billions of dollars customers are moving  through Dwolla, but in reality I’m just appreciative of the opportunity and am hopeful that all of this gets us one step closer to the ideal way to move money.

If you’d like to learn more, check out a couple links about Dwolla’s FiSync, the state of real-time, and the Fed’s Faster Payment Task Force:


Real Estate Marketplace Integrates White Label Bank Transfers

When you think of crowdfunding, chances are you think of sites like Kickstarter or GoFundMe—used for everything from launching entrepreneurial ideas to helping finance a much-needed vacation.

However, to Charles Clinton, he saw crowdfunding (and the development of the JOBS Act) as a chance to open up the private real estate investing market to the public. As a real estate lawyer who worked primarily for large private equity clients, he saw how large the opportunity was first hand and was determined to build the technology and the marketplace to facilitate such investments. After teaming up with Mission Capital, a real estate financial advisory firm, and rounding out his talented executive team, Clinton launched EQUITYMULTIPLE.

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Unlike investing in someone’s new craft brewing equipment, EQUITYMULTIPLE brings a completely different paradigm to crowdfunding. EQUITYMULTIPLE connects commercial real estate developers with individual accredited investors.

Commercial real estate (CRE) has been a notoriously difficult industry for individual accredited investors to break into. EQUITYMULTIPLE is democratizing the real estate investment space by functioning as a financing marketplace—connecting smart development projects with individual accredited investors across the country.

For investors, EQUITYMULTIPLE is the doorway into an industry traditionally characterized by strong, reliable returns, and insulated from the volatility of the stock market. The platform makes it simple to build a diversified portfolio of thoroughly vetted projects, many of which would have been unavailable to individual investors had they not belonged to a large real estate group.

In turn, those raising capital for projects get access to a much deeper and more diverse pool of investors, thanks in part to Mission Capital’s extensive network of investors. EQUITYMULTIPLE provides a streamlined, singular point of contact to manage investor interactions and updates, as well as various funding options—online fundraising, and traditional debt and equity financing.

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The team at EQUITYMULTIPLE undertook the heavy task of building one of the first CRE investing marketplaces of its kindand succeeded.

When they needed a way to seamlessly and programmatically payout returns to investors through the platform, they went in search of a bank transfer API that they could bake into their user experience.

Peter Shankar, EQUITYMULTIPLE CTO, saw Dwolla’s API for White Label bank transfers as the solution.

We chose Dwolla because of their strength in compliance, capabilities in the white label payments space, and attention to detail in the scoping process. From implementation to deployment and ongoing support they’ve been one of the best vendors to work with, and they really align to our processes, and make themselves highly available. The tech stack is evolving, and we’re able to work hand in hand with great engineers to get the most out of our integration. Best of all, we see our customers more engaged with our product. As a solution, Dwolla has been ideal for us in implementing a closed loop investment process.”


Peter Shankar

Dwolla’s White Label API plugged right into the EQUITYMULTIPLE platform to power bank transfers for the marketplace without disrupting the investment process, while meeting the service and compliance standards required of a payments partner.

Launching your own company, or needing to improve or automate your current payments process? We’d love to help you design your own bank transfer solution.

Get started with your own integration

We’ll help you design your ideal payments experience.


Thank you

A Dwolla representative will reach out to you within one business day.


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Integrating with Dwolla’s powerful white label ACH payouts solution

White Label Payments with Dwolla

Last week we released our white label solution for businesses and nonprofits looking to streamline their ACH payouts. Within your own application or online portal, Dwolla white label puts a powerful ACH payments platform behind your brand and logo.

The white label solution allows you to transfer funds seamlessly, from customer on-boarding to how your businesses name is displayed on your customer’s bank statement.

While managing the role as payment originator, Dwolla provides a simple, easy-to-implement API to power your payments and help you manage risk, fraud, and compliance.

When implementing Dwolla’s white label payout solution, there are three major components that require different levels of verification to get going:

  1. The creation of a customer record
  2. The association of a funding source with that customer record
  3. The transfer of funds between linked accounts

To test the API requests, you’ll want to first create a sandbox account.

Creating a Customer Record

Once you’ve set up a testing account, you’ll begin by creating a customer record, which requires at least a full name and email address for each user you’d like to transfer funds to. Once the customer record is created, you will find the customer object URL in the location header.

Pro tip: To enhance Dwolla’s ability to monitor fraud, we strongly recommend providing the IP address of the end-user accessing your app as the ipAddress parameter.

Here’s what the request and response should look like:


Connect a funding source

Once you’ve successfully created a customer record, the next step is to associate a funding source. This step calls for three additional pieces of information, so funds can automatically be sent to this customer record:

  • Bank account
  • Routing number
  • Account type (ie. government, nonprofit, business)

All information provided in this step is securely stored with Dwolla.


Subscribe to Webhooks

In order to transfer funds between your account and the customer record, you’ll first set up webhooks to notify your customer when an event occurs. To create these webhooks, start by creating a client access token and use the credentials provided.

Once you’ve generated this token, continue on to creating the webhook subscription. Start by calling the webhook-subscriptions endpoint with your callback URL.


Now that you’ve made your subscription, Dwolla will send webhook notifications to the provided URL. Responses take about 20 seconds to deliver after the event has occurred, but if you miss one, no worries—8 delivery attempts are executed over the course of 72 hours. An example webhook is shown below.

Transfer funds from account to account

The final step in this process is creating a transfer from your account to a customer. To do so, you’ll need the information for the bank account that sources the funds and the customer to which the funds will go.

The transfer of funds is a three-step process. In short you will follow these steps:

  1. Fetch a list of available funding sources using the List Funding Sources (Account) endpoint.
  2. Create a transfer by specifying the account’s funding source as the source and the customer as the destination.
  3. Check the transfer status by referring to its ID.

Once this action is complete, a receipt of a webhook will indicate a change. This can be used as a trigger to communicate with the customer, sending an email with an update on the status of funds.

Above we’ve provided a quick breakdown of what the integration process looks like with our white labeled bank transfers solution. To get the full guide, visit our developer portal.

If you’re interested in learning more about Dwolla’s powerful payments tools and API, reach out to sales@dwolla.com.

reach out now

Introducing Dwolla white label (for payouts)

Dwolla White Label DescriptionComplex regulations, banking relationships, compliance requirements, and security precautions are just a few of the 1,000 cuts facing businesses and platforms attempting to build an infrastructure to access the U.S. payment system.

So we thought, why not use our infrastructure?

We’ve moved billions under our brand, now it’s your turn.

white-label-icon-orange-150x150The new white label APIs will leverage Dwolla’s existing infrastructure—our fraud analysis, bank partnerships, real-time fraud analysis, communication protocols and more—while maintaining your brand’s look, feel, and name on end-user interactions. This functionality will provide platforms a powerful, flexible, and custom ACH infrastructure at a fraction of the cost and time.

Four endpoints, one powerful ACH payout solution

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.

1. Create a customer record 

2. Attach a funding source to a customer record

3. Create a transaction to the customer record above

4. Check transfer status

Dwolla offers a range of webhook subscriptions, allowing you to check the status of an individual payment and initiate automated actions, like custom email notifications

How to get it

As part of our Custom Package, there are no individual transaction fees or percentages—regardless of how many times you, your business, or your application transfers money. If you’re a developer and want to see how it works in a test environment, or if you’re a business looking to learn more, click on the button below.

Learn more about white label


©2018 TransSwipe


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