Sila, a leader in financial technology, has announced a
strategic partnership with Xuno, a pioneering cross-border
neo-bank. This collaboration will leverage Sila's ACHNow platform
and Xuno's innovative cross-border payment solutions to enhance
US-Nepal financial transactions. The partnership combines Sila's
instant ACH payout capabilities with Xuno's real-time Request to
Pay (r2px) technology, based on the ISO-20022 protocol, to improve
compliance visibility and reduce transaction frictions.
PORTLAND, Ore., May 7, 2024
/PRNewswire-PRWeb/ -- Sila, the leading financial technology
company known for its instant ACH rails processing platform ACHNow,
today announced a strategic partnership with Xuno, a pioneering
cross-border neo-bank offering unparalleled access, speed and
security through equitable cross-border payment and banking
solutions. Through this collaboration, Xuno customers will benefit
from a unified experience where US/Nepal cross-border transactions are handled
with instant ACH payouts.
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.
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."
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.
For additional information about the partnership and how it
benefits users, please visit our websites at
https://www.silamoney.com/achnow and https://nepal.xuno.co/.
About Sila
Sila is a Portland-based
fintech company that specializes in ACH processing solutions.
Sila's mission is to make money programmable while ensuring that
financial transactions are secure, compliant, and easy to
integrate.
About Xuno
Founded under the leadership of Bal
Krishna Joshi, a pioneer in the cross-border payment
industry, XUNO is a cross border payment company with offices in
the US and Nepal. It is the first
and only inclusive multi-sided fintech platform committed to
shepherding the world towards an equitable borderless economy.
By leveraging best-in-class technology, beneficiary-friendly
business mechanisms and industry standardization approaches, Xuno
is able to deliver a cost-effective, transparent, fast and
friction-less alternative to existing cross-border payment and
banking solutions.
Today, XUNO is the creator of one of the industry's first cross
border, cross currency ISO20022 compliant protocols that eliminates
intermediaries across borders and enables individuals, business,
merchants and financial institutions alike with access to a host of
global banking and payment networks and unmatched exchange rates,
speed and security. In doing so, XUNO stays true to its mission of
breaking down existing barriers between emerging and developed
markets.
To learn more about XUNO, visit www.xuno.co
Media Contact
Jesse Locke, Sila, 1 6472507242,
jesse.locke@silamoney.com, https://www.silamoney.com/achnow
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SOURCE Sila