Swift
Swift, based in San Francisco, is a fintech company offering a unified API for risk-free instant funding, primarily serving Neobanks, Digital Wallets, and Brokerages. The company is part of the Y Combinator W24 batch and focuses on eliminating ACH fraud and liquidity risks without requiring treasury management from customers.
Company Overview
Swift operates in the Fintech industry, specifically focusing on B2B Finance and Accounting. Based in San Francisco, CA, the company is part of the Y Combinator W24 batch. With a team size of two, Swift targets customers in the United States and broader American and Canadian regions. Swift offers a unified API for risk-free instant funding, streamlining financial processes for businesses without the associated risks of ACH fraud and liquidity issues.
API Services
Swift's core service revolves around its unified API, which enables businesses to offer instant funding without the risk of ACH fraud or liquidity management burdens. The API supports instant wallet and account funding while ensuring that funds are final and instantly transferred to business accounts. Additionally, the API reduces the number of screens users must go through to deposit their funds, cutting down the interaction time by 2-3 times compared to current standards.
Payment Request API
Swift's Request For Payment (RFP) API allows businesses to request money using multiple platforms, including RTP®, FedNow®, Venmo, and Zelle. This functionality supports seamless integration and broadens the scope of payment options for businesses, ensuring instant and final money transfers to business accounts. By utilizing this API, businesses can manage instant wallet funding without the risk of fraud.
Use Cases
Swift offers targeted use cases for Neobanks & Digital Wallets, Brokerages, and Embedded Payments. For Neobanks and Digital Wallets, Swift attracts deposits by providing users with instant access to funds. Brokerages benefit from the capability to offer instant access to capital through RTP/FedNow RFP requests. In the context of Embedded Payments, Swift enables businesses to offer instant Pay-by-Bank payments, ensuring a streamlined and efficient payment process.
Customer Onboarding
Swift provides a KYC/KYB FastPass to ensure swift onboarding for customers, enhancing the customer experience with quick verification processes. For businesses interested in exploring Swift's services, the company offers a demo through Calendly, enabling potential clients to understand and experience the API's capabilities firsthand. These features combined ensure that Swift delivers a seamless onboarding experience while managing instant settlement accounts to eliminate liquidity risk.