Programming an app on the internet is easy - unless your app moves money.
This is because it now matters tremendously whether you’re based in San Francisco or Zanzibar. Payment systems are local systems and operate very differently everywhere. The banks that facilitate these payments have different regulations and systems depending on where they are located.
SPEAKING THEIR LANGUAGE
This is where your problems start. Banks are heavily regulated. Their legacy technology infrastructure is most likely to be antiquated and hard to integrate. And, you have to become an expert in their world, learn how to speak their language, read up on all the compliance and legal aspects related to your business among other things, because they don’t speak your language. All of this can take a long, long time.
For a software team to build a cool new app and send off an email, it can take an afternoon. But to build an app and send off money can take that software team 18 months. This is where Sila comes in.
There's a solution
Sila has partnered with Evolve Bank & Trust, a tech-focused financial institution and Banking-as-a-Service (“BaaS”) provider, to allow entrepreneurs, fintech innovators and their software teams access to the U.S. banking system with more efficiency. We offer an easy and quick way to integrate our technology into a financial app through our APIs. An API is an Application Programming Interface - a software ‘middleman’ that allows two applications to talk to each other. We are experts in compliance and cutting through red tape.While customers are still very much responsible for their own regulatory compliance, some elements such as a KYC API are being provided. Some of our clients have gone live with our technology in as little as a few weeks.
Your brilliant idea. It can happen faster than you think with our simple, scalable, secure banking API. Sila’s mission is to make it easy to innovate with money by providing software teams the ability to integrate the U.S. banking system, ACH payments and digital wallets to deliver world-class applications that their app’s users deserve.