Dwolla is a programmable payment platform.
Overview of briefing
0:00 – 2:10
Ben Schmitt introduced the Dwolla programmable payment platform. The company offers a flexible and powerful set of APIs that allows you to send, collect, or hold funds for your customers. The company launched RTP (Real-time payments) a few hours prior. Ben mentioned that everything that is demonstrated in the technical briefing is available in production.
2:10 – 3:40
Skyler Nesheim introduces the overview that is going to be given. Skyler introduced a demonstration that uses a variation of the WOPR from War Games using a command line application to demonstrate the simplicity of using the Dwolla API. The demo also includes the code utilized in the application and the dashboard application so you’re able to track the customers and transactions that you create.
3:40 – 6:00
Skyler begins the global fintech showdown game. He then goes on to create a customer, which is the first step to programming a payment. Skyler creates a new customer and then demonstrates the customer record existence in the Dwolla dashboard. Skyler mentions the customer record created can only be used to receive funds unless the record is upgraded. He then upgrades the customer record and includes real time identity verification which allows that customer now to hold a balance by migrating to a verified customer record.
6:00 – 7:10
Skyler demonstrates adding a funding source to the customer account. Funding sources are used in the /transfer commands to designate where funds come from or go to. Skyler mentioned expanded functionality not demonstrated like authorizing future payments which is available feature in the Dwolla API.
7:10 – 8:17
Skyler begins programming payments. He first demonstrates a ACH transfer via the Dwolla API through The Federal Reserve. When programming a payment the API requires a developer to designate the source and destination in the instructions. The source is where funds come from and the destination is where funds go. When the transaction is programmed via the API, Skyler called out designating the currency type and the value which is how much money is being transferred. Skyler demonstrated a $99,000 ACH transaction through the Dwolla API.
8:17 – 9:13
Skyler demonstrated a Same Day ACH transfer via the Dwolla API. He called out that in order to change the transaction speed from regular ACH to Same Day ACH the only thing that needs to be changed in the API is changing the instruction in the clearing element in API to next-available.
9:13 – 10:10
Skyler demonstrated a push to debit transfer from the Dwolla API. He called out that the destination of the funds in the API has a new destination URL and then demonstrated a push to debit transaction through the VISA network.
10:10 – 11:00
Skyler demonstrated a RTP transaction in the Dwolla API. Skyler mentioned that from a programming perspective when you’re using the Dwolla API there isn’t much to change when you change from ACH to RTP. The requirement to send money instantly through RTP is to change 2 lines of code. It requires updating the processing channel element from ACH to real-time payments through The Clearing House. Skyler then demonstrated a $97,000 transaction using the RTP bank transfer type.
11:00 – 11:35
Skyler reviews the Dwolla webhook architecture that has curated events like customer transitions created and other details about the application that a developer can consume.
Skyler mentioned all the functionality demonstrated could be tested in the Dwolla Sandbox.
Additional Briefing Information
V-Sum_Five was held on April 6, 2021. It was made possible by Shopify.