As a fintech startup, you want to provide your clients with the best and most efficient ways to transact, and sometimes that means making international payments.
Making an international wire transfer can be a headache for you and your clients. They’re also more costly than other means of payment, so many fintech businesses try to offer alternative ways to make international payments and internationally remit.
While ACH payments are localized only to the U.S., many fintech startups recognize the importance of making international transfers easier. Fintech companies have long been focused on their customers, and international funds transfer is becoming more accessible and more seamless thanks to technology.
Can ACH Payments Be Made Internationally?
When answering the question: can ACH payments be made internationally—the answer is no. But, don’t count on fintech startups using more outdated and expensive means to complete international transactions. You can be sure that leaving the antiquated wire transfer as your primary mode of sending money abroad is the right decision. While ACH transfers are efficient, this is only an American option. However, if you want something faster, more reliable, that will better serve your business when moving money internationally, Sila answers the call.
The Sila app is worth investing in as it provides an all-in-one and integrated solution. Through our international partner programs like Thunes, customers gain access to affordable and fast internationally money transfer services, while also able to access features like ACH money transfers and wire transfers, if that is your desire.
Sila offers businesses the ability to accept payment transfers that helps your customers to complete the transaction without exchanging any of their sensitive payment information. All financial data is securely managed through Sila and our partners.
ACH payment APIs that allow for domestic ACH processing and provides fast and reliable international money transfer services. Many businesses are using APIs now, and they’re becoming more popular with financial firms that want to develop a sound payment system that’s not only simple but also reliable. It’s also good to integrate international money transfers into your payment system. It makes it easier for users on the other side of the world to send you money and for your clients to receive it.
Your fintech business will be running smoothly with this article on international payments. Your team will be able to save time and money by learning how an API can efficiently process them.
Why You Need International Payments
Businesses will need to consider the needs of their customers when integrating money transfer APIs into their payment system, but business owners should also take other factors into account. These factors may include the needs of your business, any associated costs, and what is possible with your specific payment platform. Sila makes this easy to integrate with just about anything.
Hundreds of businesses are already using ACH payments, and many financial service providers offer international transactions. However, in order to transfer payments internationally, the transactions can be expensive and unreliable. International payments are a booming market. You can give your customers access to this unique service through a payment API and watch as the line between their finances and yours grows.
International money transfer APIs let people transmit money between borders quickly and easily. Traditional forms of international money transfers are notoriously complicated and expensive.
Without the ability to make international transfers, there might be a delay of days before one is complete. Wire transfers abroad can be expensive. API integration for digital wallets and ACH payments will allow businesses and users to avoid a lot of lag, saving them money on many transactions: international money transfers included.
Compliance and International Payments
Several verification procedures are usually required for transactions, especially those done online and internationally. Building a fintech company requires being as compliant as possible, which can be time-consuming and expensive. But, it doesn’t have to be so costly. As technology evolves, businesses that outsource their processes to APIs and services can save time, money, and effort.
KYC and KYB refer to Know Your Customer and Know Your Business, and AML is anti-money laundering. The government requires KYC, KYB, and AML regulations. Any business or person in financial services and any person or business providing that service to a user must have them in place.
KYB implements digital identity checks for businesses and their financial transactions, KYC confirms the legitimacy of the individual with whom you are conducting a financial activity, and AML looks for suspicious activity in any financial transaction.
Implementing an ACH payment API with compliance benefits includes not having to run afoul of these laws (like money laundering, financing terrorist activities), automating a lot of the necessary work so your app can be secure, and other benefits.
Sila can integrate well into various platforms due to customization options available, allowing for smooth transacting and ensuring adherence to financial regulations. This is because mandatory compliance requirements like KYC / KYB, account verification, and ID verification are built into the API. There is no added burden on your time when using Sila’s payment API because they can handle all the compliance requirements for you. An excellent international payment API integration is designed to make it easy for people to create an integration with any payment system. This means you can focus on other essential aspects of your business, create new innovative products and serve your customers in a more personalized way.
How an API Simplifies International Payments
International ACH payment APIs are used for many reasons.
Businesses should also learn about the foreign currency their customers are using to market effectively. Your customer is spending money on your site, so you might want to take steps to protect yourself. If they’re spending a lot of money abroad and trying to collect in US dollars, you’d be penalized financially because of exchange, time, and other transactional lags.
In some cases, platforms don’t even allow customers to use foreign currencies. In that case, people often have to use a credit card. This means that they’re charged additional fees and potentially take on debt.
Making international payments smoother by integrating Sila’s API will make it easier for both businesses and customers to complete transactions and payments while improving their customer experience.
To save time, money, and effort, you can streamline international payments in your business. Your clients will be able to transact with a foreign bank account if required, as well as other transactions using the ACH system. It’s a smart decision that will help strengthen your bottom line.
The wide use of banking APIs has allowed businesses worldwide to transfer data, bank transfers, and financial transactions easily without relying on paper checks or wire transfers.
Process payments on your platform using our API as a payment method gateway with ease. Integrating it into your site or app is easy – all you need to do is combine a single endpoint. Before, transferring money overseas would be a headache, but now it takes little time and effort. With Sila’s API, international banking becomes safer and easier for you to manage.
How to Use the ACH Payment API
International money transfers are becoming more and more common as businesses continuously diversify their services. If you decide to integrate this service into your payment system, you’ll want to choose an API solution, like Sila, that offers integration specifically for international payments. It’s best to choose one API solution for your business and stick with it for the long term. Otherwise, you may have to switch providers shortly after or constantly worry about a product lacking in its design or services.
Apart from helping fintech developers release new products with ease, using APIs that allow for customizing your brand is beneficial for your business and your customer. It makes it easier to maintain your app and enables customers to access your services online easily.
Nowadays, people prefer all-in-one integrated solutions. When you use Sila, you get everything all in one place. Our app provides the perfect mixture of key features and functions to make your life a little easier and more efficient.
The Sila app provides an easy and compliant as-a-service solution that you can use to start a financial institution in the US. Sila has partnered with several other services to give businesses the ability to receive and process payments without managing or restricting access. This means you can offer the option of both ACH debit and ACH credit. Sila offers encryption that keeps all payment data secure and protected. It is also a fully functional digital wallet and an ACH API. You’ll get ACH payment processing, KYC/KYB, which allows for FDIC-insured funds of up to $250k, and crypto functionality without outsourcing multiple times.
International ACH Payments and Your Business
Sila’s API integration process is fast and easy for your team at work. Our independent and customizable backend will help you make your bank’s app look like your brand. Your customers will be grateful to you for having processed a full online payment gateway that is secure and flexible and avoids high international transaction fees.
What makes Sila different is that we offer an open API integration with an easy-to-use interface for the customer. This allows for a streamlined process with data syncing between our systems. With our help, you’ll have a smooth-running experience with your new payment systems compatible with all your existing processes.