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, MX) 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.
Please reach out to your account manager with any questions.
With significant changes to the federal reporting threshold, more 1099-K forms will be issued in the 2023 tax season.
To support this effort, Dwolla is launching a completely automated 1099-K solution that enables digital W9 collection and tax identification number validation. The solution will enable secure 1099-K issuance and delivery.
Dwolla issues 1099-K forms for client and customer transactions within our network that exceed certain federal or state reporting thresholds. For more information on what 1099-K forms are and who must file, please see our blog.
Please reach out with any questions if your business or end users will be impacted by the 1099-K updates.
MX Technologies, Inc has recently been added to Dwolla’s Secure Exchange solution partner network. Dwolla designed the Secure Exchange solution to expand on all data and token handling as a straight exchange. Clients and reseller partners can now access account verification services using MXapi Processor Tokens.
Check out the developer docs to get started!
Dwolla clients and reseller partners are able to attach correlationIds to transfers created in Dwolla.
Beginning October 12, you will be able to access this correlationId from within the webhook payloads of webhooks associated with that transfer. This new field will only be included in the webhook payload for transfers that were created with a correlationId.
Head over to our developer documentation to view the webhook payload schema.
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 initiated through your platform into a CSV file.
Interested in testing this functionality and giving feedback to our team? Schedule time with our team.