PR Newswire
The partnership merges the instant settlement capabilities of Sila’s ACHNow with XUNO’s ability to create real-time interactions between sending and receiving banks using Request to Pay (r2px) – a messaging overlay solution that sits on the trusted ISO-20022 protocol. r2px increases real-time compliance visibility of individuals and businesses across borders, and thus reduces payment frictions.
“Our collaboration with Xuno is a crucial step forward in our mission to accelerate international remittances,” said Mike Fitzpatrick, CEO of Sila. “This partnership ensures that Xuno customers can send and receive money between the US and Nepal with unprecedented ease and speed. By combining our technologies, we are setting a new industry standard for international financial transactions.”
Read More About Fintech Interviews: Global Fintech Interview with Andrey Korchak, CTO at Monite
While the United States is a world leader in most categories, we are a laggard in the financial sector. Xuno chose Sila’s ACHNow to allow customers to process ACH transactions instantly in the United States instead of the usual 2-3 days. Countries like Nepal, Brazil and India offer instant money movement options, while the US remains one of the slowest corridors. Therefore, Xuno turned to Sila’s ACHNow functionality.
“Through our partnership with Sila, we are helping Nepal leapfrog from a closed landlocked nation with GDP of 36 Billion to a borderless country with newfound access to the $25 trillion US economy.” said Bal Krishna Joshi, Founder of XUNO. “With the elevated speed and security that our combined solution unlocks, we are paving the way for new commerce and business opportunities between the US and Nepal.”
Sila’s innovative payment solution, ACHNow, provides unparalleled access to instant payment rails, seamlessly connecting clients to RTP, FedNow, and Sila’s proprietary Instant Settlement product. This comprehensive approach ensures that Xuno will have the necessary tools to navigate and excel in the fast-paced environment of financial transactions.
The joint effort between Sila and Xuno enhances the customer experience and ensures compliance with the stringent regulatory frameworks governing financial transactions in both countries. It reflects both companies’ commitment to providing innovative solutions that meet the evolving needs of global commerce.
Fintech Insights : Leveraging the Power of Payments to Forge Better Employee Relations
[To share your insights with us, please write to psen@itechseries.com ]
