Wyre announced a new service operated by the Stellar Network. Wyre Saving API Will Use Stellar As Blockchain Layer And Extend Payment Services, especially for FinTech companies.
The new service will help payment products use Stellar USDC to access high-yielding savings products. The annual income for the Savings API is far above the average income of conventional savings accounts. It’s an important step for Wyre to partner with the Stellar community a few weeks ago.
More options in decentralized financing
The provision of decentralized financial services is becoming a must for the business world. Many traditional and innovative companies have switched to new financial services in recent years.
Wyre, known for innovative blockchain payments, has partnered with Stellar to expand the services. The new Savings API is a further step towards improving the services and expanding the use cases.
As mentioned above, the Wyre Saving API helps FinTech companies access high-yield savings products. Stellar USDC will be the primary stablecoin here, making payment solutions easier. Wyre Business users can access the new API for their own use or make it available as a new feature for customers.
The Stellar Development Foundation invested $ 5 million in Wyre under a plan from the Enterprise Fund program. It was the beginning of a partnership between Stellar and Wyre. The latest Savings API is a sign that the partnership has shown great results.
Business partners or corporate users in particular can benefit from the service and find easy access to Stellar-based tokens such as USDC.
The new Savings API helps FinTech companies to offer their users quick return payments. Ioannis Giannaros, Wyre CEO, said to the new service:
“We are pleased to officially make the Wyre Savings API available to FinTechs who want to provide their users with savings features with income payouts. With this Savings API we give FinTechs faster access to deposits and the confidence to do business with a licensed money transmitter. This is a huge win for early-stage FinTechs who want to quickly expand the features available to their users – especially those who want to accept funds and offer stable currency savings with earning opportunities in developing countries. ”
Wyre Savings API complements a comprehensive portfolio of the company with several financial solutions. Wyre has gained a substantial user base since 2013. Services such as fiat-to-crypto driveways, payouts, compliance, crypto wallet infrastructure, foreign exchange and savings accounts have helped the American company, an example of successful blockchain-based payments. The new Savings API will surely help them serve more companies and also expand the partnership with the Stellar blockchain.
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