Open Beta – Export Transfer Data to CSV
Being able to access more transfer data in a consumable way will ideally unlock more efficiencies for your team. With this new dashboard functionality, you can now export a list of transfers into a CSV file for either your Dwolla Account or your own customer records.
Interested in testing this functionality and giving feedback to our team? Schedule time with our team.
Real-Time – Updating Funding Sources
We’ve successfully delivered a new process to automatically update a funding source when a bank joins the RTP® network on a daily basis.
Prior to this update, funding source statuses were “static” at creation for if they were eligible or not for RTP transfers. This meant that as new financial institutions connected to the RTP network after a funding source for an end user was already added, the end user’s bank account may not appear to be RTP-enabled and therefore, would not be eligible for an RTP transfer on Dwolla’s Platform.
With these updates, the financial institution status will be updated daily to include those that have joined the RTP network, allowing more end users to access real-time payments.
How to Improve Your Document Verification Rates
The process of verifying a customer is straightforward—most of the time. The result is a verified customer with access to the Dwolla Platform.
Occasionally, customers will end up in ‘documentVerificationStatus’ within the API. Regardless of how your customer arrived at this point, a form of identification is needed to clear the verification hurdle.
In a blog post, a senior engineering team member explains what we recommend sharing with your end users for help with document verification—and we included a video!
Product Reminder: Instant Account Verification Sunset
At the end of this year, Dwolla will sunset our Instant Account Verification (IAV) product, which is powered by Dwolla.js.
To avoid service disruption, we recommend businesses currently using or planning to use our IAV service to migrate their account verification to one of our third-party data providers (e.g. Plaid, Finicity) before December 31, 2022.
Through the remainder of 2022, businesses using our IAV solution should prepare to carry out micro-deposits for account verification in the instance that a bank discontinues support for the current IAV technology.
New Bank Account Verification Options
The Secure Exchange solution, available now for bank account verification to Dwolla clients, comes with additional benefits including more flexibility and greater convenience while still emphasizing data protection.
This solution facilitates account verification with Finicity, in a secure way for customers to verify bank account ownership with tokens. Users verify their accounts in seconds by simply inputting their banking credentials in Finicity’s front-end module. To get started, reach out to your account manager!