Sila Partners with Corpay to Expand Cross-Border Payment Capabilities

Sila Inc., a fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term software platform, announced on Wednesday that it had arranged a partnership with Corpay, which is a FLEETCOR brand that provides integrated cross-border payments and currency risk management solutions.

According to the press release, through the partnership, Sila’s customers will be able to access over 145 currencies across 100 countries in order to facilitate cross-border payments and access to global FX markets. In addition, there will be a seamless transition between domestic and international payment options for customers.

“Sila’s main goal has always been to provide entrepreneurs with the tools to realize their vision and build a successful business, more often than not with an international component. Corpay with its depth and reach in facilitating cross-border payments can be the perfect partner for our customers’ needs. We see a lot of innovation from companies, particularly the ones focusing on emerging markets, that rely on phones and online apps rather than bank accounts and ATMs to enable cross-border transactions. Through partnerships like this one, Sila feels well prepared to help those companies succeed,” Shamir Karkal, the CEO and Co-Founder of Sila, stated.

Cross-border Payment Flows Stats

According to a study by EY, global cross-border payment flows will reach US$156 trillion by 2022.

In contrast to traditional institutions such as banks or money transfer operators, Sila noted that innovative fintech companies could offer more affordable, faster and transparent alternatives. In addition, the situation is complicated in transactions involving exotic currencies with limited liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, Sila added.

Moreover, the firm commented that people in emerging markets are increasingly using their mobile phones to access banking and e-payment services. In remittances and cross-border payments, all of these factors suggest a huge opportunity to redistribute market share, the fintech software platform highlighted.

In February, London-headquartered financial technology (fintech) services provider, Weavr raised $40 million in its latest funding round for global expansion. The company aims to disrupt the banking-as-a-service model (BaaS).