A New Kind of ACH API: How Sila Money Can Transform the Electronic Payments Industry

ACH payment processing is a reliable and sure-fire way to send cash electronically. Offering users the ability to take advantage of the ACH process leads to happier business relationships and a more versatile global financial system.

Sila wants to expand the functionality of ACH payments in a customizable and versatile digital payment platform.

The Sila API provides the tools that you and your team of developers need to create an app or financial API that can be used as a payment gateway, digital wallet, ACH transfer system, and secure bank account linking platform. The Sila API will securely store cardholder data by using the cryptocurrency network and secure third-party financial services.

With Sila’s API platform, your company can offer highly-secure and fully compliant ACH transactions or a comprehensive payment system.

Here’s why Sila may be right for you:

How Sila’s ACH API works

Investing in the Sila API gives you the means to create an ACH API that is fully customizable and can be integrated into the unique way that your business wants to process payments.

Sila puts financial technology in the hands of developers. With Sila’s SDK, developers can build the next fintech startup by building a fully secure, U.S. regulated banking API. This app uses four separate secure partners in order to provide banking and payments Infrastructure-as-a-Service (IaaS).

While sending secure payments through ACH, the Sila app also uses the globalized and universally secure cryptocurrency method. So to send money through the Sila app that your developer team creates, a bank account is securely linked and money transfers (regardless of currency) are converted into a Sila token, our patented form of Ethereum cryptocurrency.

This enables transfers to be sent virtually, efficiently, affordably, and internationally to another Sila user. Through the ACH network, you can send money in one currency and deposit in another.  By utilizing cryptocurrency, your money transfers are even more secure.

With our software developer kits, you can move away from traditional banking and payment processing, such as paying with a debit card, credit card, or wire transfer. In addition to other limitations, relying solely on credit card transactions, for example, can prove costly and it does not give your users much in terms of flexible options.

How Sila API is improving electronic payments

With the ability to transfer any currency into the U.S. dollar at an affordable price and reasonable rate, Sila helps businesses move at a fast pace while keeping them connected to U.S. markets.  

Therefore, Sila combines the security and reliability of ACH payment processing, cryptocurrency, and secure partnerships into a powerful API. Sila’s secure APIs can create the next financial innovation, move money faster, and move money more securely than ever before.

The Sila API can support:

  • ACH payment processing: Facilitate ACH credit and ACH debit transactions for U.S. citizens and permanent residents; an ACH payment is a fast way to send cash electronically to another person or financial institution.
  • Building your own digital wallet
  • Blockchain supported technology: Supported by Ethereum blockchain technology, all Sila transfers are completely anonymous yet verified along the publicly-available blockchain.
  • Compliance under KYC Regulations: Verify customer identities in compliance with the U.S. Know Your Customer (KYC) regulations
  • Secure bank account linking: Link bank accounts through our partnership with Plaid
  • The use of smart contracts: Program your app’s money using business logic or self-executing smart contracts

Sila can move money faster by allowing your company to build fintech innovation that allows for seamless and uninhibited money transfers.

Security of Sila’s ACH API

A blockchain-based API takes away all of the extraneous security requirements, transaction fees, and regulations from financial institutions but still allows for the same protections.

  • All of Sila’s API endpoints enable identity verification with the U.S. Know Your Customer (KYC) regulations and we secure bank account linking through our third-party platforms. ACH transfers are securely transferred through the National Automated Clearing House Association (NACHA) and the ACH Network.
  • All bank accounts are accessed only through our platform, so your users upload the money, our provider can support the digital currency to cryptocurrency exchange into ERC-20 stablecoin (or the Ethereum blockchain).
  • Financial APIs transactions are usually secured through client IDs and API secrets. To bypass this (and further secure it), Sila uses the Elliptic Curve Digital Signature Algorithm (ECDSA) as a completely secure way to validate transaction requests. Each user/app is given a private key that Sila does not have access to.
  • Sila only stores addresses, which are derived from public keys. Since private keys cannot be derived from public keys nor addresses, they are zero-knowledge proof and completely unknown to anyone but the user.
  • By using private keys and a secure TPPP to manage bank accounts, the API transaction is publically verified yet fully secure. Once this private key is generated, each transaction by that user will be signed off using that private key.
  • A signature is produced (and the private is never regenerated) and a message is sent requesting the transfer. Once the signature and message are received, Sila will receive a public key and address. The address can then be verified.

From companies in the supply chain to healthcare, the Internet of Things (IoT), data management, and privacy, the potential uses are ever-growing.

Implementing Sila’s ACH API integration

Getting started is simple. With a company like Sila, you can actually create your own API using our customizable SDKs. This allows you to start with a verified and secure ACH API and be up and running in no-time.

While not yet popularized, the blockchain-based payment method is a completely secure way to send money electronically and internationally. Analysts are starting to recognize the growth potential that this form of payment transaction can provide.

Our team of engineers and financial professionals have merged the security requirements of an API with the ultimate security that Ethereum provides. Through our developer console, software teams can also sandbox your own Sila APIs to fully develop and beta test an ACH API for your unique needs and so that you can create the next powerful fintech innovation.