Dwolla recently announced some API changes that keep it moving towards its stated goal: "Building the ideal API to move money." A number of API features, some new and some existing, are being rolled into a new API: the Access API. API features include a new dashboard that will be available through the Access API. Existing features like Dwolla's white label products and same day transfer will also roll into the Access API.
Dwolla's dashboard presents an intuitive interface that allows users to manage customers, view transactions, and identify business trends. Dwolla provides third parties the ability to integrate same day transfer services by leveraging Dwolla's platform through its white label product. Now, the service will be available through the Access API. Dwolla indicated that additional features and developments will be incorporated into the Access API moving forward.
The Access API will become the umbrella API for access to the Dwolla platform. While Dwolla, on its face, seems to disrupt the traditional banking space, Dwolla is a traditional bank behind the scenes. The financial institutions that handle payment instructions directed by Dwolla are Veridian Credit Union and Compass Bank. Accodingly, Dwolla isn't looking to overthrow the legacy banking scene. In fact, making the white label functionality available through the Access API better positions Dwolla to partner with other banks. With the API, any bank looking to make money movement easier for its customers can utilize the Access API and make Dwolla its software arm.
For more information on the Access API, check out the API docs. Users can lead with their own brand, create customers, link bank accounts, initiate transfers, and use webhooks to monitor entire environments. Dwolla provides a developer sandbox for those looking to try it out. Sign up for access to get started.