The buzz on the streets is real! We have now officially launched the Beta of the Sila API platform to provide developers and startups the necessary tools to build financial applications in a quick and painless way.
The platform is supported by the SILA token, a regulatory-compliant means of exchange that speeds up your building process and helps bring FinTech apps to market.
Sila co-founder and CEO Shamir Karkal says the API is built for not just developers, but for any builder with an idea for the next big thing that will make the financial world a better place.
“For a long time I’ve believed that the current financial system, globally, is broken, and doesn’t serve end users well. And the way to solve that is to actually bring a lot more innovation, and a lot more innovators, into it, and that’s one of the things that Sila does — we make it so much easier to build those sorts of innovative apps.”
Using Sila to build a financial app:
- Reduces the amount of time it takes to go-to-market
- Greatly decreases upfront costs
- Keeps sensitive data off of servers
- Ensures customer identity is verified
- Lets Sila handle ACH transactions
- Allows for the transfer of tokens pegged to the USD, directly on the Ethereum blockchain
We will also soon be adding support for card payments, business ID verification, and international payments.
Watch as Shamir details what the efficient Sila API endpoints enable:
Ways to Use Sila for Your Business
Numerous users have been “playing in the sandbox” so far, and have been building some very exciting apps. Here’s a look at some of the projects being worked on:
- Merchant loyalty/rewards and mobile POS
- Automated smart contract generator for investors
- Group savings
- Event ticketing
- Student success-based allowances
- Business banking
- Real estate
Many different industries can succeed by using Sila to move money, and Alexander Lipton, Sila co-founder and CTO, speaks highly of the benefits this new product creates for developers:
“The real strength of this Sila offering is a unique blend of established and emerging payment technologies which can massively accelerate the deployment of innovative FinTech solutions across the board.”
Answers to Sila’s most FAQ…
What can I use Sila’s API for?
You can use our API endpoints to get access to traditional payment rails, like ACH, through identity verification and bank account linking. It works like so:
- You can use our API endpoints to get access to traditional payment rails, like ACH, identity verification, and secure bank account linking. It works like so:
- Person A wants to provide a payment of $5.67 to Person B.
- The app implementing Sila’s API requests ID verification of A and B.
- If A is a real person, A can link their bank account. If B is a real person and wants to receive USD in their bank account, they can also link theirs.
- Person A can now have Sila issued to their Ethereum address. This debits their linked bank account $5.67 and issues them 567 SILA tokens.
- Once the SILA tokens have been issued, A can transfer them to B. This can be done with a call to our API or directly over the Ethereum blockchain, if desired. This transfer will normally complete relatively quickly.
- When B has the tokens, they can elect to redeem them back into USD. This will burn their 567 SILA tokens and credit their bank account in the amount of $5.67.
- A’s account has been debited $5.67 and B has been credited $5.67.
Is Sila a cryptocurrency?
No, not in the traditional sense! Sila is a representation of an underlying financial instrument in ERC20 token form. It works like a stablecoin; the value of 100 SILA is always equivalent to $1 USD.
Do I have to know a lot about blockchain development to make use of Sila’s APIs?
No, you really don’t! It’s helpful to know how to sign a message with a private key, but that’s about it.
My users don’t want anything to do with crypto, can I still use Sila?
Yes, your end users don’t need to know anything about the Ethereum blockchain or how transactions are processed. Most users don’t understand how Visa or ACH works either.
Will Sila support businesses outside of the U.S.?
We cannot support businesses that are based outside of the United States while we are in Beta. However, we will make our way into additional countries as quickly as possible.Stay in touch with us to find out where and when.
What’s the advantage of using Sila?
In short, we’re low cost, secure, crypto-friendly, we dramatically reduce go-to-market time, and alleviate many regulatory burdens.
Why is the API built on Ethereum?
The main reason we’re on Ethereum is because it’s a popular network for developers of decentralized apps — basically, more people know how to build something like CryptoKitties on the Ethereum network than almost any other blockchain network.
Ready to build the financial app that will change the world? Get started here — for free! — and gain access to all the information you need to get your project on the move.
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Sila provides Banking and Payments Infrastructure-as-a-Service for teams building the next generation of financial products and services. Our banking API replaces the need for integrating with legacy financial institutions saving you months of development time and thousands in legal and regulatory expenses.
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