Compliance should be a key concern of any business. Some compliance features come included in our technology, and we work with you to make sure best practices are followed.
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We handle all of the required audits, suspicious activity filings, and OFAC screenings in this increasingly regulated market.
You don’t have to bring your own KYC or KYB technology because Sila provides it. We’ve got you covered.
You run a financial app. You shouldn’t have to run it on your own. Tap into partner support with our Sila engineers.
All of Sila’s APIs come with customer due diligence best practices, including Know Your Customer (KYC), Know Your Business (KYB) and other ingrained compliance.
While payment data collected through the Sila API is secured by the Sila platform and our partners, each client will have to follow payment data best practices to ensure this data is secure.
Check our blog article on the topic: Security Best Practices for Wallet API Payment Data.
Yes. Plaid’s AUTH product is required for the Sila API. Sila works with Plaid’s entire suite of products and is tightly integrated. If you need more than AUTH, we can help advise you on your Plaid subscription.
At this time, the Sila platform alone only supports U.S. bank accounts and credit unions. But you can send money internationally when you partner Sila with any of our international money transfer API partners, such as Corepay, Currencycloud, and Thunes.
We believe in clear and affordable pricing. See our full ACH transfer pricing schedule.
We provide bill payments through ACH transfers and our ledger. Therefore, each processing timeline will vary. You can read about our transfer timelines in this article.
We are offering Instant ACH and soon Real Time Payments! Instant ACH eliminates these processing times, so the money is transferred immediately. The fastest possible transfer time would be the same day if the issue, transfer, and redeem API calls all occur before the same day cutoff of 9:30am PST.
To partner with Sila, your business will need to be incorporated in the U.S. and each of your end-users will need to pass SSN verification or EIN verification. Learn more about pre-qualification for all our API access.
Previously known as Customer Due Diligence, all financial apps in the American market need to abide by fraud best practices. This includes Know Your Customer (KYC) and Know Your Business (KYB) for identity verification.
There are a number of compliance requirements for a business to send, receive, and store money in an app. Customers need to manage compliance, but Sila supports the process every step of the way.
With Sila’s , you have many of the necessary tools already in place:
Check our blog article to learn about using Fraud Prevention with Sila and using Sila to manage reduce fraud risk for U.S. Financial Compliance.
See the potential of the Sila API. Scared away by poorly regulated financial APIs? Fraud prevention is built into Sila’s API. Tap into embedded compliance, KYC, KYB, and fraud support.
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