Sila Inc., a FinTech software platform that provides payment infrastructure as a service, recently launched a new product called Virtual Accounts. Virtual Accounts are digital wallets that connect to the US banking system via specialized account and routing numbers. Customers of Sila’s can now make ACH credits and debits to Virtual Accounts just like they can with a regular bank account.
Sila users can now switch direct deposits in-app across Argyle’s network of over 500,000 employers and 300+ payroll and gig platforms thanks to a new relationship with employment data aggregator Argyle. Winning the direct deposit stream is one of the few single events that can have such a significant impact on the long-term value (LTV) of an end customer.
Individuals can start donating all or portion of their paycheck to a Sila Virtual Account quickly and easily with Argyle. Customers benefit from Argyle’s seamless, user-permissions flow since it provides a good customer experience and significantly boosts conversion compared to manual direct deposit switch alternatives.
“We are delighted to announce our collaboration with Argyle. Because payroll is by far the greatest source of funds for the average American citizen, their direct deposit switching technology and relationships with 170+ million U.S. employees not only complements what we’ve built, but it also raises Sila’s value proposition to a new level.”, said Shamir Karkal, Sila Inc.’s CEO and co-founder.
Payrolls in the United States totaled $8.9 trillion in 2020, making it the greatest single source of consumer funds. Individuals now have unprecedented access to new financial resources, and financial services organizations also have new opportunities to serve a bigger audience, thanks to recent FinTech breakthroughs.
Payroll deposits are the ultimate source of confirmed cash and provide a consistent, recurring base of deposits for Sila’s clients, unlike ACH and card network deposits, which are subject to fraud risk and chargebacks. Whether people are using a personal money management tool to save for a big purchase or dollar-cost averaging to buy Bitcoin, the possibilities are endless.
“Historically, switching direct deposits has been a slow and frustratingly high-friction operation. However, switching direct deposit information becomes a frictionless experience for consumers with Argyle, as modifications are made with a few clicks in the app. Sila’s customers can now make use of this quick and transparent capability.”, said Shmulik Fishman, Argyle’s CEO, and founder.
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