Circle just announced the addition of ACH as a payment rail, with extensive support for payment and withdrawal products.
Customers’ Interest at Heart
Its customers can make and receive payments via ACH seamlessly to and from USDC. Circle’s API provides primary payment channels such as cards, bank transfers, and blockchain transfers. Moreover, there are multiple ways for users to transfer money and make transactions using USDC, the fastest-growing dollar stablecoin.
By adding ACH support to the Circle API, customers can find a happy carrier for transaction processing between card payments. It can be expensive for larger transactions and wire transfers, which don’t always make sense for small transactions and can be more troublesome to manage large transactions.
Upping Circle’s Global Customer Base
To make linking bank accounts and receive ACH payments fast and easy, Circle has partnered with Plaid to provide even quicker account verification: customers can link their banks directly (no account details available).
This process prevents common mistakes such as incorrectly entering bank accounts or route numbers and provides greater security for users while reducing the risk of fraud. No digging required, no naughty code, no switching between apps in the process. In short, Plaid makes it easy.
ACH payments get automatically billed as USDC in your account area, and fees allow automatic conversion from USDC to ACH transfers. When coupled with the Circle Digital Dollar Account API, customers can build treasury and payment management applications that benefit from the openness, global reach, and cost-effectiveness of the stable dollar coin.
Recent Circle partnerships include a partnership with Visa. It aims to enable businesses worldwide to use the combined power of USD Coin (USDC), fully preserved digital dollar stablecoins managed on multiple public blockchains, and using Visa’s global payment platform and network.
The demand for stable coins for digital dollars skyrocketed in 2020, driven by companies looking for faster, cheaper, and irreversible payments and settlements. Regulated and licensed financial institutions only issue USDC with full asset reserves that support a stable currency.
With Circle, companies can accept payments and send payments with traditional payment channels and the new stable coin infrastructure. Circle joined the Visa Fintech Fast Track program with the announcement, adding powerful new features to Circle’s global customer base and Visa ecosystem.
The Circle is a global financial technology company enabling businesses of all sizes to harness the power of stable coins and public blockchain for payments, commerce, and financial applications worldwide. The Circle platform has supported over 100 million tens of billions of dollars worth of transactions with nearly 10 million retail customers and more than a thousand companies while storing and securing more than $ 5 billion in digital currency assets.