Sila & Trice redefine real-time payments with ACHNow, integrating RTP, FedNow, and Instant Settlement for secure, fast, and cost-effective money movement.
PORTLAND, Ore., Feb. 28, 2024 /PRNewswire-PRWeb/ -- Sila, a leading innovator in the financial technology space, and Trice, an instant payments platform for businesses and banks, are thrilled to announce a strategic partnership that will redefine the landscape of real-time money movement with ACHNow.
Sila's ACHNow product combines RTP, FedNow and their proprietary Instant Settlement product that allows all ACH transactions to be settled in seconds not days. Businesses can submit a standard NACHA file and ACHNow will intelligently route each transaction to either RTP or FedNow and if neither of those rails can support the transaction then Sila's Instant Settlement product is utilized to clear the transaction. Sila's ACHNow provides a single API integration to access multiple instant payment rails while delivering significant cost savings over costly wires or card transactions.
Trice's modern payments platform is designed to provide businesses and financial institutions with intelligent, fast, secure, easy, and cost-effective money transfer solutions that settle every second, every day. The collaboration between Sila and Trice marks a significant step towards empowering businesses with the ability to effortlessly streamline their financial transactions and enhance overall customer satisfaction.
One of the most notable advantages of the partnership is Trice's capacity to eliminate ACH R1s and R5s, significantly reducing costs, losses, fines, workload, and customer dissatisfaction stemming from insufficient funds and unauthorized debits. By harnessing the power of Trice's instant safeguards, businesses can enjoy lower risks, streamlined operations, enhanced accountability, and, most importantly, happier customers.
Key highlights of the partnership include:
Real-Time Availability: ACHNow is a 24/7/365 real-time payments platform that empowers businesses to securely request and receive expected funds around the clock. This accessibility ensures that businesses can access the funds they are owed when they need them, allowing for data-driven decisions at any hour.
In addition to the transformative partnership between Sila and Trice, businesses can look forward to a significant boost in their real-time payment capabilities through integration with FedNow and The Clearing House's RTP (Real-Time Payments) network.
The inclusion of FedNow and RTP enhances the partnership's ability to facilitate secure, instantaneous, and seamless fund transfers, ensuring businesses have a wide array of tools at their disposal to cater to their specific needs and preferences. This strategic alignment positions Sila and Trice as leaders in the real-time payments space, offering businesses an unprecedented level of choice and convenience in their financial operations.
Sila and Trice share a common vision of providing businesses with an exceptional experience when it comes to moving money efficiently and securely. The partnership will strengthen this commitment by leveraging Sila's expertise in fintech solutions and Trice's advanced payments platform.
"We are excited to join forces with Trice to drive innovation with real-time payments for businesses," said Shamir Karkal, Co-Founder and Chief Strategy Officer at Sila. "This partnership reflects our dedication to simplifying financial transactions and making money movement more accessible, reliable, and cost-effective for businesses of all sizes."
Shamir Karkal added, "Trice's innovative instant payment solutions align perfectly with our mission, and together, we aim to set new industry standards for secure and efficient money transfer services."
"We are thrilled to work with the team at Sila who continues to prove they are a staple in the modern banking ecosystem. With new faster payment systems becoming available, Sila is currently in a great position to create excellent payment experiences to surprise and delight their customers. Together with Sila, we're excited to bring these groundbreaking solutions to businesses and financial institutions, further enhancing the financial ecosystem with the promise of smarter, faster, and more secure money movement.", commented Doug Yeager, Co-Founder and CEO at Trice.
For more information about Sila please visit www.silamoney.com and Trice, please visit www.trice.co
About Sila:
Sila is a leading fintech company dedicated to simplifying and improving the way businesses handle their financial transactions. Sila's powerful API infrastructure and innovative financial tools empower businesses to leverage secure and compliant financial services, allowing them to focus on growth and success.
About Trice:
Trice is a cutting-edge instant payments platform designed to revolutionize the way businesses and their banks move money. Offering intelligent, fast, secure, and cost-effective money transfer solutions, Trice's innovative approach to real-time payments ensures 24/7/365 availability, empowering businesses to receive expected funds at their convenience.
Media Contact
Jesse Locke, Sila Inc, 1 6472507242, [email protected], https://www.silamoney.com/
SOURCE Sila Inc
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