International money transfer APIs are fast and reliable ways to send cross border payments. Because sending money internationally can be a pain, it’s good business to integrate an international money transfer API, which simplifies this process, into your current payment system.
How you will integrate the money transfer API into your payment system will depend on the needs of your business, your customers, and what is possible through your business services. Luckily, the Sila API integration can handle just about anything.
See how the Sila international money transfer API integration can transform your business.
Purpose of International Money Transfer API Integration
International money transfer APIs are banking APIs that allow users to quickly and easily send money across international borders. Since this type of money transfer might take days to move and cost a “fortune” in banking fees (upwards of 45 USD for an international wire transfer), or be difficult to do through a bank that offers international ACH transactions (IATs), an international money transfer API integration allows businesses and users to bypass these headaches and to send money with relatively no lag and absolutely no hidden fees.
There are a few ways that the API integration allows this. Largely, an API banking integration will have secure API features, such as authentication and encryption, so that any data collected by the API is secured from hackers.
Additionally, since these APIs are collecting banking information, there are usually a number of verification procedures required. However, a smart API can outsource these services so that businesses can become banking compliant in a matter of days, without it costing them a fortune.
An international payment API integration is designed to be used with a current payment system. Sila’s integration, for example, can be easily integrated into an eCommerce platform, POS, and software payment system. And because it securely outsources all of the banking services, like account and ID verification, KYC/KYB, ACH transfers, and bank fundholding (through an FDIC-member insured bank), the users worry less about startup time and more about how quickly they can get their services up and running to customers.
Sila also offers crypto payments, perfect for international money transfers as well as smart contracts. Sila’s patented stablecoin, the SILAUSD, leads us toward a more stable digital currency. Crypto is a highly secure way of sending money internationally, and by allowing this feature in an API, Sila has transformed how we do banking.
Benefits of Streamlining International Payments with API Integration
Most people look to an international payment API because they have a need. Customers might come to your business and be spending money in all kinds of currencies. And in this scenario, both you and the customer would be dinged (financially) for these transactions.
Other platforms won’t even allow this functionality. Instead, customers are stuck using a credit card, and in that case, they might end up accumulating hundreds if not thousands of dollars in credit card fees and credit card debt.
By streamlining an international payments API integration into your payment solution, you are doing yourself, and your customers, a favor.
Banking APIs are used widely, all over the world, and they allow businesses to securely transfer banking data. Because they require authentication natively, and they only correspond with one other endpoint, streamlining this integration into a current payment processing system makes intuitive sense. Without the need to set up a whole new system, or sign up for a money transfer service, an international banking API can quickly update a company’s payment method to include international payments without the fees and lag time.
How to Choose an API Solution for International Money Transfers
If you’ve made the decision to integrate international funds transfer into your current payment system, then you might be struggling to choose an API solution that works perfectly. Naturally, you would like to avoid choosing one API solution and then having to change providers shortly after.
Of course, we would recommend the Sila app as it provides an all-in-one and integrated solution. There are four distinct advantages to Sila, and you’ll see why:
- The Sila app is compliant-as-a-service, which means that businesses don’t need to do all that work to get compliant as an ACH transaction service, with an FDIC-insured bank, and so on.
- By partnering with additional services, Sila allows businesses the ability to accept payment transfers without needing to control that payment data. All payment data is protected through Sila and our partners.
- Sila can operate as a fully functional digital wallet!
- Sila is also an ACH API. So you get ACH payment processing, KYC/KYB, an FDIC-insured bank account up to $250,000, and crypto functionality. All in one package.
When making this decision, be sure that the API you choose is supported by your current financial institution, that way you can integrate the payment gateway for simple funds transfer.
How to Begin Integrating International Money Transfer API into Your Business
Integrating an international money transfer API into your banking system is fast and easy. WIth Sila, you and your team of developers can create your own white-labeled API so that the app even functions and looks like your brand. Your customers will appreciate the effort that you’ve gone through to provide a fully online payment gateway that facilitates global payments and with minimal cost.
If you want to integrate an international money transfer API into your business and current payment system, then sign up with Sila. Our open API allows for a streamlined payment process, which includes international money transfer transactions, ACH transactions, fraud protection, mass payments, recurring payments, global payments, and so much more.
We walk you through all the SDK packages and Sandbox testing environment so that you can ensure all API processes are functioning and are compatible with your current payment systems.