Sila provides access to ACH debits by launching Instant Settlement

Customers no longer have to use their own capital to pre-fund the full amount of a transaction or wait days for an ACH debit to clear. Instead, Sila is advancing funds for a fee. The responsibility for returned transactions remains with the customer, who is required to maintain sufficient funds in a reserve wallet to cover just that return risk. 

Instant Settlement is meant to provide assistance where ACH is the preferred method but return risks are small such as with payroll, back-office money movements, B2B transactions, or cash transactions at brick and mortar locations. With transaction speed being a differentiator, offering Instant Settlement can be a valuable competitive advantage for businesses.

Based on a customer's historical and projected ACH volumes, Sila’s banking operations team will establish a requisite reserve threshold that can support the return risk. Customers need to fund a dedicated wallet beyond those thresholds and they are good to go. When an Instant Settlement transaction is initiated, the resulting flow of funds is automatic.