Synapse Vs Sila

Sila vs Synapse

It can be difficult starting a fintech business because you often have to source products or services that don’t exist just yet. Fintech exists on the edge of financial technology innovation. As an entrepreneur and leader, you are constantly pushing the boundaries of what is possible. 

Perhaps you want to start a business that uses smart contract technology to automate debt repayment services. Or you want an affordable and reliable bank agent in order to facilitate ACH transfers or bank transfers. 

Finding the support to do this can be challenging. This frustration also applies when you are trying to add ways for your clients to send money.

You may be in this scenario, and that’s why you’ve landed here at Sila. 

To help you out, we’ve laid out how money transfers can help you and other innovators provide the services that you desire. We’ve also provided an overview of two common competitors in this space, us and Synapse. 

How Money Transfer APIs Can Fuel Innovation

We get a range of fintech professionals, market experts, and entrepreneurs who come to Sila with their pain points. We get it. 

Setting up the ability to send money for your clients, as one of your core offerings, or to improve this system is daunting. 

Money transfers through SaaS, web portals, and bank apps all connect through APIs. An API, which stands for an application programming interface, is a secure endpoint-to-endpoint software communication that enables secure money transfers and the storage of other encrypted data. 

Sila taps into the security of this technology to provide all kinds of money transfers, including: 

  • ACH API money transfers
  • International bank transfers
  • Crypto and blockchain money transfers
  • Bill payment
  • Document and identity verification
  • Know Your Customer (KYC) verification
  • Know Your Business (KYB) verification
  • Bank wallets
  • Payments 
  • Bank account linking (via Plaid)
  • Fraud prevention
  • Compliance

Without this technology, we would be miles behind in offering flexibility, security, and accessibility to our money globally. 

What Synapse Provides

Synapse is what they call a “launchpad for financial innovation.” Offering clients a flurry of APIs and other products, Synapse is one of the money transfer APIs which businesses can utilize as a means of securely sending money in the US. 

The three primary product packages that Synapse offers are: 

  • The Deposit Hub
  • The Credit Hub
  • The Crypto Hub
Sila Credit hub

Here’s how Synapse works:

  • By signing onto the core Synapse infrastructure, users of Synapse comes compatible with integration settings and customer digital channels
  • The clients can then tap into the core Synapse infrastructure for core banking features, payment rails, and risk infrastructure
  • And finally, Synapse users can tap into the local bank infrastructure, to send money through the Fed, via SWIFT, access the cash network and ATMs, and use VISA and MASTERCARD credit providers. 

Synapse was started in 2015 and comes, like Sila, with developer tools so that entrepreneurs, businesses, and corporations have access to ready-to-go payment rails through a quick signup. 

What Sila Provides

Sila is a money transfer, crypto, and ACH API basecamp, and we are the foundation behind financial innovation and have cultivated a powerful fintech marketplace

Just like Synapse, Sila users are able to access core payment rails in order to provide core banking offerings to their users. 

Sila’s core features include APIs, ranging from:

  • Wallet API
  • Cryptocurrency and blockchain API
  • International money transfer
  • KYC/KYB identity verification
  • Documentation verification
  • Card issuance
  • And much more

Sila’s products come with only 10 lines of code, so customizing the app for the brand or company is easy. 

Sila app customization

Sila is a bank agent, so it has the ability to process secure ACH debit and ACH credits. It also comes with KYC and KYB verification so that companies remain in compliance even across the complicated financial regulations in the US. 

Through our fintech marketplace, Sila users have almost instant bank account linking, secure KYC/KYB verification, and easy money transfers. 

Sila also helps businesses send money internationally by sending money through blockchain using the SILAUSD. The SILAUSD is pegged to the US penny for an extremely accurate estimation of your dollar value. 

Synapse vs. Sila

When considering Synapse vs. Sila, it can be hard to decide which product is best for your company. Here’s a comparison of the two:

Synapse focuses on its product offerings in three services: the deposit, credit, and crypto hub.

Users can tap into the digital wallet, a savings account, spend card, payment card, and debit card. With these features, Synapse users have a lot of features (including ACH, checks, wires, card processing, and bill pay). 

Synapse says users can get to market quickly with their “easy-to-use” RESTful API. It’s also completely customizable and white-label. 

Sila offers many of these same benefits. With the ACH API, users can send money transfers instantly and send money as ACH debits and ACH credits. 

With the range of APIs available, Sila users find that they’ll have access not only to a lot of features but also to a lot of compliance and identity verification features. Sila’s fintech marketplace means that you have quick access to Sila’s partner features, so you don’t have to worry about creating new vendor connections. 

With Plaid for bank account linking and KYC/KYB verification, for example, Sila users can instantly get connected and securely send money. 

One of the biggest perks of Sila is its patented SILAUSD. With the SILAUSD, you can send money through crypto transfer using the SILAUSD so that you have a straight money-to-money transfer. 

Other apps, like Synapse, don’t have their own cryptocurrency. Therefore you have to navigate out of the app in order to transfer the money and you have limited options in choosing the cryptocurrency that you want. 

With Sila, you can easily transfer into the SILAUSD and out and then make the crypto transfer to the cryptocurrency of your choosing. 

Sila Wallet API

Why Choose Sila

Sila is easy to use, user-friendly, and gives users more options when it comes to sending money internationally. 

See today how Sila can transform your business and bring your unique idea to life!