How Sling Money used Beam’s Payments API to Unlock Millions of Users
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Sling Money’s Background
Sling Money is a consumer-focused mobile application revolutionizing global payments. By leveraging stablecoins, Sling enables users to instantly load funds via debit card and send money to over 140 countries in seconds, with zero fees. Recipients can receive funds even if they don’t have the Sling Money app by accessing their money through a Sling Link. Designed to eliminate hidden costs and delays in traditional payment systems, Sling offers a seamless experience where sending international money transfers is as easy as sending text messages.
Industry
Financial Technology, specializing in stablecoin-based cross-border payments.
Scope
In order to tap into the United States market, Sling Money required a reliable stablecoin-to-USD solution that allows users to receive funds directly into US bank accounts.
Reliable USD Off-ramping
As Sling Money expanded into the United States, they required a seamless solution to convert stablecoins into USD and deliver instant, compliant payouts directly to users’ bank accounts. Without this capability, their U.S. launch would not have been possible.
Mainstream Adoption Requirements
To attract a broad user base, Sling Money’s team of experienced fintech builders knew they had to integrate the reliability and speed of traditional payment methods, such as instant payouts, into their platform to match user expectations.
Regulatory and Security Compliance
Operating in a highly regulated environment, Sling needed a solution with robust AML monitoring and built-in compliance to ensure every transaction met strict U.S. federal and state standards.
Instant USD Off-ramping
Beam’s modern payments technology enabled Sling Money to instantly convert stablecoins into USD and deliver cost-effective payouts directly into users’ bank accounts.
Seamless API Integration
Beam’s plug-and-play Payments API allowed Sling Money to integrate instant payout capabilities into their platform without any disruption. This provided users with a native, intuitive experience for USD payouts.
Compliance and AML Monitoring
Beam’s built-in compliance protocols, including automated anti-money laundering monitoring, ensured that Sling Money met U.S. federal and state regulatory standards while maintaining the highest level of security for every transaction.
API Integration and Testing
Beam integrated its Payments API into Sling Money’s platform to activate instant payouts through Visa Direct, Mastercard Send, RTP, and FedNow. The integration process was streamlined to minimize downtime and ensure operational continuity.
Compliance Infrastructure Setup
Beam implemented a robust compliance framework, including AML monitoring, fraud detection, and secure transaction flows, to ensure all regulatory requirements were met for Sling Money’s U.S. operations.
Team Enablement and Support
Beam provided in-depth training and documentation to Sling Money’s team to effectively support users and navigate the U.S. launch phase.
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Unmatched Payout Speeds
Sling Money users benefitted from industry-leading payout speeds that delivered a superior user experience for instant USD off-ramping.
Cost Savings for Users
Beam’s combination of stablecoins and traditional payment networks allowed Sling Money to maintain cost-effective payouts that ensured users could continue to rely on fee-free global money transfers.
Regulatory Confidence
With Beam’s robust compliance and AML monitoring in place, Sling Money confidently navigated the U.S. regulatory landscape to successfully launch in the country.
Market Leadership
By leveraging stablecoins with traditional payment rails, Sling Money positioned itself as a leader in cross-border payments by offering users a seamless, reliable, and quick experience that differentiates Sling from competitors.
Beam’s technology and compliance-first infrastructure empowered Sling Money to redefine what’s possible in cross-border payments. With instant, cost-effective payouts, Sling Money successfully launched in the U.S. and set a new benchmark for stablecoin-to-USD off-ramping. By seamlessly blending the familiarity of traditional finance with the innovation of digital payments, Sling Money is breaking down barriers to connect billions of people across the globe. Sling Money’s partnership with Beam serves as a testament of a shared vision to create a world where moving money globally is as effortless as sending a text message.