Home > News > featured news > Fintech Firm Sila Chosen as Preferred Partner for ACH Enablement and Payments by Nacha

Fintech

Fintech Firm Sila Chosen as Preferred Partner for ACH Enablement and Payments by Nacha

Nacha | June 08, 2022

Fintech_Firm_Sila
U.S.’s premier ACH network, Nacha, has announced the selection of Sila, an emerging fintech firm, as its preferred ACH Enablement and Payments partner.

Following the announcement, Sila will be part of an elite network of innovation experts recognized by Nacha for delivering solutions that promote the ACH Network and meet Nacha’s core strategies.

Nacha's Preferred Partners play a role in advancing the ACH Network to continue to deliver payments safely and quickly. Today, we welcome Sila as our newest Preferred Partner for ACH Enablement and Payments and are looking forward to working with them and other Nacha Preferred Partners to strengthen and grow the ACH Network."

Jane Larimer, Nacha President and CEO

Sila offers a set of application programming interface or APIs, that enable a seamless exchange of money between banking institutions and digital wallets. It helps accelerate the go-to-market duration for customers. Silla also offers an integration for blockchain wallets on request. The platform wass designed keeping in mind organizations and companies that require integration with the banking system of the United States, blockchain, and payment rails.

Sila is honored to be a Nacha Preferred Partner. We have helped many customers leverage the ACH Network as they build their business. Their feedback has led us to build innovative products on top of ACH, such as our instant ACH product that combines risk management and fraud detection with instant funds availability."

Shamir Karkal, CEO of Sila Inc.

Spotlight

Research Report: Fast Close. Faster Insights.

Are you tired of manual month-end processes slowing you down? Discover how automation can free up to 3X more time for you to spend on what really matters, whether that's focusing on strategy or spending time with family. In the report, discover… The top 3 bottlenecks slowing down your month-end close and how to enable a 2-day fa

More featured news

Spotlight

Research Report: Fast Close. Faster Insights.

Are you tired of manual month-end processes slowing you down? Discover how automation can free up to 3X more time for you to spend on what really matters, whether that's focusing on strategy or spending time with family. In the report, discover… The top 3 bottlenecks slowing down your month-end close and how to enable a 2-day fa

Related News

Payments

Finastra's Compliance as a Service Battles Instant Payment Crimes

Finastra | September 20, 2023

Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe. Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon. This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments. Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go. Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership. Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses. Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services. Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added, By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning. [Source - Cision PR Newswire] 'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.

Read More

Financial Management, Payments

CSI Launches Instant Payments Capabilities through the FedNow Service with Illinois-Based INB, N.A. as Early Adopter

Businesswire | July 21, 2023

CSI, a leading provider of end-to-end fintech and regtech solutions, announced today its instant payments offering is live through the Federal Reserve’s FedNowSM Service. Enrollment is available now for CSI’s NuPoint® and Meridian core platform customers in line with the FedNow Service’s launch. The FedNow Service is a new payment infrastructure that allows U.S. financial institutions (FIs) of all sizes to provide safe and efficient instant payment services. FIs that adopt the service can provide their account holders with instant access to deliver and receive transactions year-round, including holidays. “Instant payments will play a crucial role in how financial institutions attract and retain customers,” said Linda Fischer, CSI’s chief operating officer. “In this evolving economic environment, account holders expect their banks to facilitate instant payment processing, which requires expanded technological capabilities. The FedNow Service is the necessary foundation on which CSI is building the tools financial institutions need to support their account holders.” INB, N.A., headquartered in Springfield, Illinois, has already enrolled in the FedNow Service through CSI. “It was critical for us to engage early with the FedNow Service. Doing so allows us to develop a deep knowledge of the network and methodically evaluate both the opportunities and the risks, so we can improve our capabilities over time while protecting our clients,” said Mark Donovan, SVP and chief operating officer at INB, N.A. “We’re excited to enhance our payments offerings and believe our disciplined approach in collaboration with CSI will enable us to quickly deliver value to our account holders.” The FedNow Service’s phase-one rollout provides baseline instant payments functionality to support a range of use cases, including high-demand features such as account-to-account (A2A) transfers and bill pay. In addition, banks can join as “receive-only” entities, which allows them to receive and post payments through the service’s real-time settlement process. “We’re encouraging banks to adopt the FedNow Service immediately,” continued Fischer. “Receiving transactions, at a minimum, is an effective way for banks to embrace the future of payments and allow account holders to seamlessly accept funds from wallet downloads, account transfers and more. As the network’s capabilities grow, CSI will work closely with customers to ensure they remain at the forefront of the modern payments landscape.” About CSI As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.

Read More

Fintech

Broadridge Introduces BRx Match to Revolutionize Reconciliation

Broadridge | September 18, 2023

Broadridge launches BRx Match, a cloud-based reconciliation and matching platform to empower business users to streamline complex reconciliation processes and enhance data integrity. BRx Match offers self-build capabilities for business users, enabling faster onboarding of new reconciliations, reducing total ownership costs, and enhancing operational responsiveness. This innovation represents a significant milestone in Broadridge's commitment to delivering cutting-edge fintech solutions that address real-world challenges and optimize reconciliation operations while maintaining data integrity. Broadridge Financial Solutions, a global leader in fintech, has unveiled a game-changing solution to tackle reconciliation and data integrity challenges. The company has introduced BRx Match, a comprehensive cloud-based reconciliation and matching platform designed to empower business users with the tools to streamline complex reconciliation processes. Alastair McGill, General Manager of Data Control Solutions, Broadridge, shared, As global regulatory requirements become more complex and increasing transaction volumes demand greater operational efficiency as well as risk management, BRx Match allows financial and corporate clients to automate the reconciliation of any data sources and expedite the exception management process. [Source – Cision PR Newswire] With its business-user self-build capabilities, the platform would speed up onboarding new reconciliations, reducing total ownership costs and developing a more responsive operation. Alastair added that BRx Match represented the latest instance of Broadridge's commitment to streamlining the front-to-back environment for its clients by simplifying data integration. This launch of the new solution represents a significant milestone in Broadridge's commitment to providing cutting-edge fintech solutions that address real-world challenges faced by businesses across the globe. BRx Match enhances operational efficiency and ensures higher transparency and accuracy by automating the reconciliation process from its inception, making BRx Match a strategic asset for enterprises seeking to optimize their reconciliation operations while maintaining integrity. The introduction of BRx Match marks a notable departure from traditional reconciliation solutions that have struggled to meet the ever-evolving demands of the modern business landscape. In the past, businesses faced a daunting challenge when attempting to consolidate and coordinate reconciliation efforts across diverse data sources and models. BRx Match is an industry pioneer in offering a holistic data acquisition and transformation approach. It provides a set of fundamental matching rules that cater to a wide array of common reconciliation needs. With its versatility, businesses can harness a range of matching engines to attain optimal results, granting them unprecedented control and adaptability in their reconciliation tasks. Data agnosticism is a unique feature of BRx Match. It enables users to seamlessly reconcile across various data types, from securities and cash to derivatives, reference data, card services, financial, and insurance data. This platform delivers a unified and consistent user experience throughout the enterprise. It places the power of reconciliation firmly in the hands of business users, allowing them to design, build, test, modify, and deploy their reconciliation processes with ease.

Read More

Payments

Finastra's Compliance as a Service Battles Instant Payment Crimes

Finastra | September 20, 2023

Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe. Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon. This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments. Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go. Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership. Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses. Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services. Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added, By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning. [Source - Cision PR Newswire] 'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.

Read More

Financial Management, Payments

CSI Launches Instant Payments Capabilities through the FedNow Service with Illinois-Based INB, N.A. as Early Adopter

Businesswire | July 21, 2023

CSI, a leading provider of end-to-end fintech and regtech solutions, announced today its instant payments offering is live through the Federal Reserve’s FedNowSM Service. Enrollment is available now for CSI’s NuPoint® and Meridian core platform customers in line with the FedNow Service’s launch. The FedNow Service is a new payment infrastructure that allows U.S. financial institutions (FIs) of all sizes to provide safe and efficient instant payment services. FIs that adopt the service can provide their account holders with instant access to deliver and receive transactions year-round, including holidays. “Instant payments will play a crucial role in how financial institutions attract and retain customers,” said Linda Fischer, CSI’s chief operating officer. “In this evolving economic environment, account holders expect their banks to facilitate instant payment processing, which requires expanded technological capabilities. The FedNow Service is the necessary foundation on which CSI is building the tools financial institutions need to support their account holders.” INB, N.A., headquartered in Springfield, Illinois, has already enrolled in the FedNow Service through CSI. “It was critical for us to engage early with the FedNow Service. Doing so allows us to develop a deep knowledge of the network and methodically evaluate both the opportunities and the risks, so we can improve our capabilities over time while protecting our clients,” said Mark Donovan, SVP and chief operating officer at INB, N.A. “We’re excited to enhance our payments offerings and believe our disciplined approach in collaboration with CSI will enable us to quickly deliver value to our account holders.” The FedNow Service’s phase-one rollout provides baseline instant payments functionality to support a range of use cases, including high-demand features such as account-to-account (A2A) transfers and bill pay. In addition, banks can join as “receive-only” entities, which allows them to receive and post payments through the service’s real-time settlement process. “We’re encouraging banks to adopt the FedNow Service immediately,” continued Fischer. “Receiving transactions, at a minimum, is an effective way for banks to embrace the future of payments and allow account holders to seamlessly accept funds from wallet downloads, account transfers and more. As the network’s capabilities grow, CSI will work closely with customers to ensure they remain at the forefront of the modern payments landscape.” About CSI As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.

Read More

Fintech

Broadridge Introduces BRx Match to Revolutionize Reconciliation

Broadridge | September 18, 2023

Broadridge launches BRx Match, a cloud-based reconciliation and matching platform to empower business users to streamline complex reconciliation processes and enhance data integrity. BRx Match offers self-build capabilities for business users, enabling faster onboarding of new reconciliations, reducing total ownership costs, and enhancing operational responsiveness. This innovation represents a significant milestone in Broadridge's commitment to delivering cutting-edge fintech solutions that address real-world challenges and optimize reconciliation operations while maintaining data integrity. Broadridge Financial Solutions, a global leader in fintech, has unveiled a game-changing solution to tackle reconciliation and data integrity challenges. The company has introduced BRx Match, a comprehensive cloud-based reconciliation and matching platform designed to empower business users with the tools to streamline complex reconciliation processes. Alastair McGill, General Manager of Data Control Solutions, Broadridge, shared, As global regulatory requirements become more complex and increasing transaction volumes demand greater operational efficiency as well as risk management, BRx Match allows financial and corporate clients to automate the reconciliation of any data sources and expedite the exception management process. [Source – Cision PR Newswire] With its business-user self-build capabilities, the platform would speed up onboarding new reconciliations, reducing total ownership costs and developing a more responsive operation. Alastair added that BRx Match represented the latest instance of Broadridge's commitment to streamlining the front-to-back environment for its clients by simplifying data integration. This launch of the new solution represents a significant milestone in Broadridge's commitment to providing cutting-edge fintech solutions that address real-world challenges faced by businesses across the globe. BRx Match enhances operational efficiency and ensures higher transparency and accuracy by automating the reconciliation process from its inception, making BRx Match a strategic asset for enterprises seeking to optimize their reconciliation operations while maintaining integrity. The introduction of BRx Match marks a notable departure from traditional reconciliation solutions that have struggled to meet the ever-evolving demands of the modern business landscape. In the past, businesses faced a daunting challenge when attempting to consolidate and coordinate reconciliation efforts across diverse data sources and models. BRx Match is an industry pioneer in offering a holistic data acquisition and transformation approach. It provides a set of fundamental matching rules that cater to a wide array of common reconciliation needs. With its versatility, businesses can harness a range of matching engines to attain optimal results, granting them unprecedented control and adaptability in their reconciliation tasks. Data agnosticism is a unique feature of BRx Match. It enables users to seamlessly reconcile across various data types, from securities and cash to derivatives, reference data, card services, financial, and insurance data. This platform delivers a unified and consistent user experience throughout the enterprise. It places the power of reconciliation firmly in the hands of business users, allowing them to design, build, test, modify, and deploy their reconciliation processes with ease.

Read More

More featured news