Case Study: Here’s How Systango Assisted Sila in Enhancing its Money API

Sila

Revolutionizing banking-as-a-service, Sila is a money API for fintech businesses. It offers a unique combination of industry-leading technology that provides access to a network of pre-approved partners in the fintech marketplace. The infrastructure provided by Sila aggregates all services required to build a programmable financial product under the platform.

Milestones.

Build the Wire Transfer Functionality

Implemented Instant Settlement Feature

Third-party Integrations of Paypal, Venmo & Checkout.com

Objective Of Sila.

Sila demanded the addition of a few features to its current API that allow users to verify identities, link bank accounts, and perform ACH credit and debit transactions. Following the market trends and growing user expectations, the app required features that will not only allow faster transactions but also enable quicker settlements.

The requirement was to add the following features to their current product:

Instant settlement of money
- To let customers access their funds on the Sila platform immediately
Build functionality for wire transfers
- Providing users with the ability to send a wire without having to contact Sila Support and/or Sila Bank Operations. Removing manual creation and approval of wires.
Perform transactions with Paypal and Venmo
- Delivering customers with the ability to service their end users wherever they are and with whatever financial products they use and prefer.
Integration of Checkout.com
- To let customers use credit and debit cards to fund wallets, use them for purchases, and have crypto use cases.

Our Solution.

Our team assisted Sila Money in upgrading their Money API offerings for fintech businesses. To deliver an improved PayTech experience, our fintech experts established an Instant Settlement and Wire Transfer feature from scratch on Sila’s digital payment platform. Moreover, we integrated several third-party apps into their ecosystem.

In order to enhance their offerings, below are the features Systango fintech experts and developers embedded within their digital payment platform:

Instant Settlement Feature for instant money transfer
Introduced a new feature for releasing wire transfers on the platform between two users.
Integration with Checkout.com for quicker transfers
Integration with Paypal, and Venmo for transactions of money