Dwolla Adds Data Partnerships to Boost Security for Account Transfers

Dwolla has added security from MX Technologies to its Secure Exchange product, an open banking program Dwolla initially launched in July. This builds on the MX and Dwolla partnership announcement from last year, as they continue to focus on delivering a robust account verification solution to their shared clients and partners. MX has been a data aggregation partner for Dwolla for three years. Dwolla will use the MXapi Processor Token to provide its partners with a way to verify accounts without using sensitive data or third parties to move funds between accounts. A token refers to identifiers that stand in for real account information, and are unusable for fraud. Tokenization is used to protect online payments through the card networks' universal buy button, for example.