Sending money into the United States (US) is notoriously difficult. However, with an American money transfer API, you can tap into the Automated Clearing House (ACH) network and quickly send money cross-country and around the world.
Banking APIs are changing the way that people interact with their money. As part of the digital banking revolution, American money transfer APIs provide more open banking for Americans and visitors. Bank transfer APIs can either connect international money transfer APIs or perform international money transfers themselves.
With more open banking and financial services, money transfer APIs can change the way we send money. See today how an American banking API with Sila is the smart choice.
APIs for International Money Transfers from the United States
As one of the world’s largest economic markets, getting money into or out of the US can be hard to do and sometimes not feasible. If you are a business owner outside of the states, you likely see this market, and you want to capitalize on it. An international business might allow payment processing with the credit card payment method through a third-party payment processor. Still, the more money you make through the systems, the more you are limited and the more fees you are charged.
No matter what services you are seeking or the market you are trying to access, money transfer APIs can facilitate payments from the US. By creating a mobile app, eCommerce website, computer-websites, or another piece of software, you can easily integrate an American money transfer API into the code for seamless payment processing.
Finding the right API for sending money internationally is tricky. Many services charge exorbitant fees for merely processing the transaction. If you want to transfer ACH payments using ACH debits or ACH credits, you must also oblige by the fees and timelines associated with these transfers. ACH APIs need to be set up with the right protocols to facilitate international funds transfers. If the bank is not approved under the IAT by the US, they cannot send funds. If this is the case, then you are stuck with workarounds like international wire transfer services.
APIs can also connect to the blockchain for cryptocurrency payments. Sending money over the blockchain is another efficient and reliable way to send money. Not only are these payments instantaneous (over the blockchain), but there are minimal fees for facilitating the exchange other than potential transfer fees like Ethereum gas prices.
APIs for Currency Conversion and Exchange Rates
If your business is facilitating international money transfers (or would like to), you must also process currency conversion and exchange rates. A payment API can provide this information to the user so that the individual knows how much they will be charged in their own currency, and any additional rates will cost them to make the conversion.
Brands can integrate fintech code into the services they use. To do so, find an API that is compatible with your payment processing platform (and uses the same coding language).
If you build an API through Sila, you’ll find that adding a currency conversion and foreign exchange rate API code is unnecessary. Currently, the international money transfer service is issued by the SILA token. All exchange rates are issued during each crypto exchange.
Depending on how you need to use this information, you can always include a simple currency converter on your website. These conversions might not be part of the payment processing feature but instead inform the customer before and after a transaction. You can consider Fixer.io and other free APIs.
Best Practices for International Money Transfer APIs
Like domestic money transfers, international money transfers require a level of oversight and protection. Before choosing your API, be sure to confirm that the API will perform secure bank account linking and payment processing, Know your customer/business (KYC/KYB) verification, and can securely send customer data.
Fintech solutions carry a lot of sensitive data, so you’ll need to invest in an international money transfer API that you can trust. Sila uses different services for sending money in the states and internationally, and each of these services is outsourced to a reliable third-party. Each party is in charge of securely storing and encrypting their services. This is usually the best way to provide fintech services, as it releases the burden of security and/or privacy from your brand, especially if you are looking to build a fintech app.
Furthermore, one app should not be in charge of all of these sensitive things. If they were, then we would be operating like brick-and-mortar financial institutions. Instead, we are moving away from these types of financial institutions and promoting open banking. Open banking can only occur if we securely outsource to provide better services and more security.
Best International Money Transfer API
Finding the best payment gateway for electronic payment can be tricky. Most importantly, you need to make finance work for you and find an API that suits your needs. No matter the individual features you are looking to have in your API, find an API with few fees, fast transfer processing, and scalability features.
APIs that can perform digital wallet features (like linking a bank account and storing digital cash) will help you scale. Also, look for an international money transfer API that can handle both domestic and international ACH transfers. They will be dubbed an ACH Operator (for domestic ACH transfers) and ACH Gateway (for international ACH transfers).
Other features to look for include crypto capabilities. Cryptocurrencies are becoming widely recognized as usable digital currencies and will only become more prevalent. By offering crypto transfers early on, you are tapping into this market sooner rather than later and providing open banking and accessible banking.
Finding a payments API with all these features does not have to be complicated. You can build one that is secure and white-labeled through Sila. Sila offers numerous SDK programming packages so that you can create a payment processing suite for your web-based applications, computer-based software, mobile app, and more.
By building through Sila, you will have access to a sophisticated team of developers who scale the product with you and support you throughout the API development.