Sila launches ‘Instant Settlement’ to offer access to ACH debits
By Delisha Fernandes
Sila, a FinTech company, has launched ‘Instant Settlement’, a product that gives customers real-time access to ACH debits made to the Sila platform.
This new solution eliminates the need to pre-fund transactions or endure the delays of traditional ACH debits.
“With Instant Settlement, we are revolutionizing how businesses and individuals access and manage their funds,” said Shamir Karkal, Co-Founder & Chief Strategy Officer at Sila. “We understand the importance of transaction speed in today’s fast-paced business landscape, and by offering Instant Settlement, we provide our customers with a competitive advantage that sets them apart in their respective industries.”
Instant Settlement help FinTech customers by enabling them to access funds instantly, removing the burden of relying on their capital or waiting 2-5 days for ACH debits to clear. Sila pre-funds the consumer’s digital wallet within seconds, facilitating smoother, more efficient transactions and enhancing financial flexibility and cash flow management.
One of the key features of Instant Settlement is its risk management approach. Customers utilizing the service must maintain sufficient funds in a reserve wallet to cover any potential return risks, thus ensuring accountability and mitigating financial liabilities.
This unique approach makes Instant Settlement a compelling option for scenarios where ACH is preferred. Still, return risks are minimal, such as payroll processing, back-office money movements, B2B transactions, or cash transactions at brick-and-mortar locations (“good funds”).
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