What can you do with the Sila API?

What can you do with the Sila API

The Sila API is a powerful software toolkit that can enable business owners, innovators, and developers to create a powerful piece of financial technology. While there are so many options when it comes to sending money online, the global financial system remains limited when it comes to sending money electronically in and out of the United States. 

However, with Sila’s API, there is a chance to remove some of the barriers that have been put in place. Because our product is a software developer package, understanding what our API is capable of may seem a little confusing at first. After all, it is capable of a lot!

To help people better understand our product’s capabilities, we thought we’d provide more information about our API and break down the four main uses for the Sila API, which are:

  • Creating digital wallets
  • Account and identity verification
  • Facilitating secure ACH transactions
  • Smart contracts and programmable money

With these four main elements, the Sila API platform can be used to create a powerful piece of fintech that is useful for sending money internationally, securing financial transactions, and speeding up the sending of electronic cash. 

Creating digital wallets with the Sila API

A digital wallet is an app or online account that allows users to store different card payments. From bank accounts to VISA debit cards, savings accounts, checking accounts, and different credit cards, a digital wallet gives the user an organized and secure hub for paying with a variety of payments online. 


Digital wallets are extremely convenient options for online bill payments and for online purchases because they allow users a lot more flexibility in what they want to pay and how that process is started. Some digital wallets have their own branded version of a cash hub so that when the money arrives at that digital wallet you can choose to save it in that digital wallet or transfer it to one of your accounts. 

There are many common digital wallets on the market, but right now many of them are limited by the types of international transactions they allow, the cost of business transactions (with added fees for international ones), and other fees associated with payment processing.

The Sila API can help you program your own, white-labeled digital wallet so that your business can stay competitive in a world where digital payments reign supreme. 

Programming money with business logic and smart contracts through the Sila API

Through programmable money and digital currency, the Sila API platform can provide never-before-seen automation and intuitive money transfers. Here’s how:

Integrating U.S.-issued stablecoin money transfers with the SILAUSD with the Sila API

One of the biggest features that sets Sila apart is our integrated blockchain technology

By taking advantage of our patented Ethereum blockchain—the SILAUSD, the U.S.-issued stablecoin pegged to the U.S. penny—users of the Sila app can securely create their own Ethereum private key and public key and easily and securely send cryptocurrency in the digital wallet! The underlying USD funds are securely held by Evolve Bank and Trust, who is a member of the FDIC. 

So this means that all your payment methods, including your cryptocurrency ones, are integrated into one digital wallet! Also, note that any digital wallet built with our Sila API platform can be white-labeled for streamlined branding and professional integrated technology. 

Another great advantage of building or creating a new digital wallet with the Sila API is the functionality of its secure partners. All of the software is securely connected through our partners, so each aspect of the process, from identity (ID) verification to ACH payment processing, is securely handled by a company that solely focuses on that aspect of the payment process. 

With this setup, Sila users do not have to worry about compromised data or security breaches!

Harnessing the power of the secure blockchain network for financial transactions

With all of these perks, you may be surprised to learn that we’ve integrated another powerful piece of blockchain technology—the smart contract. 

A smart contract is a version of a financial contract with the terms of the agreement written directly into lines of code. It verifies that a transaction will take place, ensures that it does, and produces the transaction on its publicly verifiable blockchain address. This way, virtually anyone can verify that the transaction took place without knowing sensitive banking information. 

With smart contract compatibility through the Sila API, users can set up recurring transactions, automatic payments, post-dated transactions, and more, and rest assured knowing that the transaction is occurring, even if it is sent along the blockchain.

Verifying accounts and identities with the Sila API

In every financial transaction, it’s important to verify that the bank account and bank account holder will not compromise the network that processes the payment. This is why we pay fees for other digital wallets, credit card companies, and banking networks. This fee is for protection in sending payments and minimizing the risk of payment fraud. 

Since the Sila API can produce financial technology, we make sure to have this security in place. And we went about it in two ways:

Bank account verification and linking

The first way is through a secure account verification and bank linking partner. Since our partner Plaid for Auth, Identity, and Balance handles this part of the process, all that needs to be done is to include this redirect in the API’s 10 lines of code. 

Your team or business does not need to handle this part of the process in house, but all of the transactions remain secure through secure bank account linking and account verification. 

The API supports over 9,000 banks in the U.S. and Canada, so it is likely you’ll find a bank that provides online banking and can easily integrate with the Sila API. Both personal and business bank accounts can be linked for ease and functionality. 

KYC and KYB regulations

The second way that we are able to provide verification methods in this powerful little API is through an integrated KYC and KYB verification client. Once again, this service is provided by a partner, Alloy, and is easily included in the 10 lines of code that is the Sila API SDK

This means that Know Your Customer (KYC) and Know Your Business (KYB) verification methods are already integrated into the code and outsourced to a secure partner to quickly and simply streamline the ID verification process.  

With KYC and KYB regulations included, compliance-as-a-service comes built-in and provides a number of fintech applications. In addition to that, your business does not have to worry about managing the digital assets that are vital to ID verification. Instead, you can solely focus on building a new financial innovation that moves money faster around the world. 

Performing ACH debit and credit transfers with the Sila API

Another huge benefit of using the Sila API to create your next fintech startup is the ability to fully integrate ACH transactions. Trust us, this feature is impressive!

For those of you who are unfamiliar with the ACH banking system, ACH stands for Automated Clearing House, which is a Clearing House that automatically and electronically approves electronic payments that move through it. And the ACH banking system refers to the financial system regulated and controlled by the U.S. Federal Reserve and the National Automated Clearing House Association (NACHA). 

Banks that operate in this network, otherwise known as the ACH Network, must be approved by NACHA and regularly abide by NACHA Operating Guidelines, Offices of Foreign Assets Control (OFAC) guidelines, KYC guidelines, and Regulation E of the Electronic Fund Transfer Act. 

Needless to say, being able to process ACH transactions is difficult. This is probably because financial institutions must be approved by NACHA as an Originating Depository Financial Institution (ODFI) and/or a Receiving Depository Financial Institution (RDFI) and then they must remain compliant 24/7. 

Therefore, it can be very difficult for small businesses to allow ACH transactions without paying hefty fees to their bank for processing the transaction. Depending on how much the banks charge per ACH transaction, the number of transactions and the amount of money the bank allows the business to transfer, these fees can add up and chip away at your bottom line.  

We have managed to bridge this gap. With the Sila API, another bit of code allows users to send and automate an ACH transfer using Ethereum Smart Contracts. Users can move money as a SameDay ACH transaction or as an Instant ACH transaction (coming soon!) and they do not have to wait for lag times or be worried that they can’t connect with their partner, business, or friend because the bank has not accepted them as a valid receiver. 

What can’t you do with the Sila API?

Even though the Sila API has only 10 lines of code, it packs a powerful punch. 

The Sila API can build the next innovative financial services app, open the doors of the fintech world and allow for interesting, unique, and more accessible fintech innovation, banking tools, and payment systems even in the U.S.’s limited financial marketing and existing payment systems. It does all this while keeping financial data secure through outsourced secure partners and the stable blockchain.

With Sila API, you can consider creating a digital wallet that hosts SILAUSD stablecoin, transfers ACH transactions to friends or business partners, and processes near-instant transactions. Financial transactions are all secured with our four main partners, and ID verification is outsourced so that the time for a business to get up and running with a fintech provider or software is minimal. 

See today how Sila API can help your business build a powerful fintech app and set you apart from the rest of the market!