Dwolla partners with Cross River to unlock real-time payments

Dwolla partners with Cross River to unlock real-time payments

Dwolla, a modern payments platform, releases access to Real-Time Payments, an instant* payment option that can send money directly to a bank account in seconds using the RTP® Network.

Dwolla’s solution for programmable Real-Time Payments powered by Cross River Bank 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 to truly refine a customer-centric real-time experience. Today, businesses can 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 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.”

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 for instant* bank transfers that 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,” 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.”

The Clearing House established the RTP® Network as the only provider of real-time clearing and interbank settlement. As one of the first community banks to join the RTP® Network, Cross River provides the ability for its fintech clients to seamlessly send, clear and settle payments instantaneously* via API with advanced messaging capabilities, while maintaining a strong focus on compliance. Real-time payments give companies a convenient option for those making consistent or larger vendor payments, while avoiding the higher payment costs that can be associated with cards.

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

  • Send and receive payments that are immediately* available, 24/7/365. The RTP® Network is available whenever a business needs it.
  • Bank-agnostic payments technology gives businesses an efficient and faster way to get access to RTP transfers.
  • Avoid ‘in transit’ payment delays for improved cash flow.
  • Greater contextual data for business operations with transactions that include remittance, invoicing information.
  • Easy access to the RTP® Network after a single, simple integration with Dwolla’s payment platform.

Organizations that 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. With various pricing options, businesses can pay per-transaction or exchange a monthly payment for a more expanded feature set and premium support.

*Recipients receive the payment within seconds of the sending bank initiating the transaction; RTP® network receiving financial institutions are required to make funds available immediately, except where necessary for risk management or legal compliance purposes.