Wyre announced a new service powered by the Stellar Network. Wyre Saving API will use Stellar as the blockchain layer and expand payment services, especially for FinTech companies.
The new service helps payment products use Stellar USDC to access yield earning savings products. The annual yield for the Savings API is a lot more than average yields in traditional saving accounts. It’s a vital step for Wyre that started a partnership with the Stellar community some weeks ago.
More Opportunities in Decentralized Finance
Providing decentralized financial services is becoming a must for the economic world. Many traditional and innovative companies have moved to new financial services in the past years.
Wyre that is known for innovative blockchain payments has started a partnership with Stellar to expand services. The new Savings API is another step toward improving the services and expanding the use-cases.
As mentioned above, Wyre Saving API helps FinTech companies access yield-earning savings products. Stellar USDC will be the primary stablecoin here that facilitates the payment solutions. Wyre business users can access the new API for their own use or provide it as a new feature to customers.
Stellar Development Foundation invested $5M in Wyre in a plan from the Enterprise Fund program. It was the start of a partnership between Stellar and Wyre. The latest Savings API is a sign that the partnership has shown great results.
Especially, business partners or enterprise users can benefit from the service and find easy access to Stellar-based tokens like USDC.
The new Savings API helps FinTech companies provide fast yield payouts to their users. Ioannis Giannaros, Wyre CEO, said about the new service:
“We’re excited to make the Wyre Savings API officially available to FinTechs who want to make savings functionality with yield payouts readily available to their users. With this Savings API, we’re giving FinTechs faster access to deposits and the confidence of doing business with a licensed money transmitter. This is a huge win for early-stage FinTechs looking to quickly expand the functionality available to their users– particularly those seeking to accept funds and offer stable currency savings with earning capability in the developing world.”
Wyre Savings API adds to a comprehensive portfolio of the company with multiple financial solutions. Wyre has been able to attract a considerable user base since 2013. Services like fiat-to-crypto on-ramps, payouts, compliance, crypto wallet infrastructure, foreign exchange, and savings accounts have helped the American company become an example of successful blockchain-based payments. The new Savings API will surely help them service more businesses and also expand partnership with the Stellar blockchain.
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