From Days to Seconds
Xuno Elevates Money Transfers with ACHNow by Sila
“In the cross-border payment industry, service providers have always set conversion rates. With SILA’s ACHNow, Xuno now has real-time access to liquidity. We are proud to be one of the first companies in the world to launch the “Send Now, Convert Later” feature. This allows our customers to control forex in real-time and convert at their preferred rate and time.”
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Xuno: An online platform facilitating money transfers to Nepal, ensuring competitive exchange rates and secure transactions for the borderless community.
Before integrating Sila's ACHNow, Xuno faced challenges related to the speed and efficiency of cross-border money transfers. Typical ACH transactions can be slow and fraught with delays, which is not ideal for customers needing prompt transaction processing.
Xuno integrated Sila's ACHNow into their platform. ACHNow leverages advanced technology, including machine learning, to optimize payment processes and route them through the most efficient and cost-effective channels, ensuring transactions settle within seconds, not days.
This integration is particularly advantageous as it also minimizes chargeback risks by guaranteeing the settlement of ACH payments through modern, fast payment systems like FedNow and RTP (Real-Time Payments).
ACHNow provides instant settlement capabilities for ACH transactions, a critical improvement for Xuno’s service, which promises rapid money transfers.
Sila's solution requires minimal integration effort, allowing Xuno to continue using their existing ACH infrastructure without extensive modifications.
ACHNow's instant settlement capabilities have significantly reduced Xuno's liquidity costs, enabling it to offer reliable money transfer services to customers at competitive rates and fees.
With minimized chargeback risks, Xuno can introduce features like "Send Now, Convert Later," giving senders control over their forex and finances like never before. This feature enables senders to send money to Nepal and choose the best time to convert their dollars within a 15-day window, based on favorable exchange rates. The conversion happens real-time, within seconds.
Strategic Impact
The adoption of ACHNow has strategically positioned Xuno to enhance customer satisfaction by offering faster and more reliable money transfer services. It aligns with modern payment expectations in a digital economy, ensuring that Xuno remains competitive in the fintech space.
Customer Impact
For customers, the integration means quicker transaction times from the U.S. to Nepal, enhanced reliability, and reduced costs associated with transfers. Customers benefit from the competitive edge that Xuno gains through this technology, evidenced by their robust user base and positive service feedback.
Within a mere 2 weeks of launch, more than 20% of the transactions at Xuno were processed through ACHNow. The volume is expected to rise to 50% in the coming month. The customers’ feedback reflects an added sense of security with the RTP flow.
The partnership between Xuno and Sila, utilizing the ACHNow system, showcases a successful application of fintech to improve the speed and reliability of financial services in the remittance sector.
Without Sila
Slow Transaction Processing: Xuno's cross-border money transfers were hindered by the slow processing speed of traditional ACH transactions, often leading to delays that were not ideal for customers requiring prompt transaction settlement.
High Liquidity Costs: The inefficiency in processing times contributed to increased liquidity costs for Xuno, as funds were tied up for longer periods before reaching their final destination.
Limited Customer Control: Customers had limited control over foreign exchange conversions, with conversion rates set by service providers, leading to less flexibility and potential dissatisfaction among users.
With Sila
Instant Transaction Settlement: ACHNow's integration enabled Xuno to offer real-time payments, ensuring that transactions are processed within seconds, greatly improving customer satisfaction.
Reduced Liquidity Costs: With ACHNow's instant settlement capabilities, Xuno significantly reduced its liquidity costs, allowing the company to offer competitive rates and fees to its customers.
Enhanced Customer Experience: ACHNow allowed Xuno to introduce innovative features like "Send Now, Convert Later," giving customers control over their forex conversions and the ability to optimize exchange rates within a 15-day window, leading to greater customer empowerment and satisfaction.
A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.
The Results
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“We are thrilled to see the positive impact ACHNow is having on Xuno’s operations and customer satisfaction. By integrating our advanced payment technology, Xuno can now offer faster and more reliable money transfer services, aligning perfectly with the needs of a modern, digital economy. This partnership not only enhances Xuno’s service capabilities but also sets a new standard in the cross-border payment industry. We're proud to support Xuno in their mission to provide secure, efficient, and competitive financial solutions to their customers.”
A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.