Synctera

🔦 Synctera Console Spotlight: see how we streamline due diligence and facilitate safe and compliant sponsor banking partnerships. How do banks assess the risks of new FinTech or embedded banking programs? The sponsor bank must deeply understand the business they are partnering with and the product they’ll be launching before finalizing a partnership together. They do this by evaluating the product, the target customer, the company, and any third-party relationships the partner program utilizes. How does Synctera help with this process? ⏩ It all starts with the Customer Profile in the Synctera Console. The Customer Profile is the first step of a customer’s journey with Synctera and builds a complete picture of their business for our bank partners to review. It establishes confidence in a new partner and makes sponsor bank introductions productive, building lasting partnerships. It ensures that all due diligence documentation is centralized, making it easy to audit and reference on an ongoing basis. Importantly, it helps prevent last-minute surprises that could derail months of work and relationship building. We require 4 sections to complete a partner program’s full Company Profile: ✍️ Company Profile: contains basic business information, including business legal name, company website, business description, Tax ID or EIN, business plan, and more. 👥 Team Info: contains management team and board of directors information, as well as a full organizational chart for larger organizations. 💲 Financial Condition: contains funding information, current financial status, financial and user acquisition projections, and financial statements. ⚖️ Legal & Regulatory: contains a legal, risk, and compliance questionnaire so bank partners can better understand current policies and procedures. Interested in learning more about how the Synctera Console promotes safe and compliant banking partnerships? Reach out to our team!

A new article from our Chief Banking Officer, Dominik W., provides a deep dive into FBO accounts in sponsor banking 🏦 Learn all about how this account structure works and the 4 things sponsor banks need to take into consideration in order to scale compliantly 💡

Learn about the new features we launched in the past month for our customers and bank partners! 🚀 Throughout the month of July our product and engineering teams were busy shipping new functionality, such as: - Streamlining card dispute management 💳 - Further supporting earned wage access products through ACH improvements 💸 - Making it easier to track subscribed webhooks in the Synctera Console ⚙ Learn about these updates and more in our July Product Update using the link below! 👇 https://lnkd.in/gcdDM5BN

We just finished our first half here Synctera. It may seem like we missed things given June 30 was a while ago, but our financial year ends January 31st, hence the timing. (Why? Let’s just say it helps when trying to close deals at the end of a quarter.) Scaling up Synctera and embedded finance is not an easy thing. Our category is hard, it was hard when we started, and remains so now. Arguably harder than a year ago thanks to all of the challenges in the industry. If there’s any doubt as to our feelings or expectations for the industry we’re in, I’ll summarize with: Regulatory oversight in finance and banking is a good thing. Anyone who tells you otherwise should give you pause for concern. The tech industry in general and the FinTech industry in particular, should absolutely lean in and take a seat at the table instead of running in the other direction, which is what’s been happening a bit too much lately. That seat at the regulatory table paired with active and ongoing involvement in the conversation means less confusion, better protection for consumers, a path to innovate in ways that none of us have even imagined yet, and a really good chance that we’ll be heard when we ask for some of the rules and regulations to evolve and change. For example, introducing a FinTech charter or eMoney way for a company like Synctera to be formally in the system would be outstanding. That won’t happen unless we’re a part of the solutions and not the problem creators. With that, here’s an update on how Synctera has fared thus far in 2024, since our 2023 recap. - Scaled ARR revenue 50%  - Grew annualized GMV by 18%  - Increased our live customers from 28 to 33  - End user growth: 106% - Accounts growth: 146% - Deposits growth: 75% Our sales calls and business meetings this year have been chock full of questions about what’s been happening with Synapse, Evolve and other players in the space. Critically, one thing is clear: you can’t cut corners when it comes to banking. That means we’ve spent a lot of our time this year demoing how we do the opposite, and it’s quite honestly a refreshing exercise…I just wish it didn’t come at the expense of those consumers that have been affected by incidents elsewhere. On the product side, we’ve strengthened just about every area of the platform with the focus being on building *everything* compliance-first, as we always have. Coming soon: L2+3 card data and other fun things that we haven’t announced yet are going to help usher in a batch of exciting new customers for us and fantastic partners for our community of banks. I did my first fleet card transaction with a white card last week. Kind of surreal: first coded ISO8583 in ~1996 when at Phoenix we launched an ATM server written in MicroFocus COBOL for Windows! Good luck & good health to all for the remainder of 2024, you’ll be hearing more from us soon and often. Tx P Now back to the Olympics! Aussie, Aussie, Aussie, Oi, Oi, Oi

We’re pleased to welcome Tana Rugel, who will be serving as Synctera’s Chief Risk and Compliance Officer (CRCO) 🙌 Recognized as a Top Woman in Finance, Tana is a well-known and respected risk and compliance trailblazer within the industry. Tana brings with her a wealth of banking and financial services experience from her time as Chief Risk Officer at Blue Ridge Bank and her 20+ years of service at Sunrise Banks (formerly University Bank) in various leadership roles within the bank’s risk division. Synctera is excited to continue our tradition of compliance-first and focused programs under her seasoned professional leadership. We’re thrilled for Mitchell Lee’s next adventure, and appreciate all of the work he’s done guiding us, and FinTech as a whole. He remains a close friend of Synctera and we’re excited to see him take his talents to a very cool (and extremely lucky) bank.

🔦Synctera Console Spotlight: watch how we streamline manual KYC reviews during customer onboarding and facilitate collaboration between our customers and their sponsor bank partners. Banking is an industry full of exceptions and nuances that banks and their partner programs must investigate and solve – together. 🚶Enter… Cases. The Cases tool in the Synctera Console facilitates collaboration and centralizes communications between our customers and their sponsor bank partners. This enables them to resolve both common and complex requests and investigations. Cases serves as the central repository for communications and key workflows that keep partnerships aligned at every stage of growth: ✅ KYC and KYB Alerts: automated alerts during the customer onboarding process that require your team to approve, reject, or request additional information from the applicant. 🔍 Fraud Alerts: automated alerts based on pre-configured fraud monitoring rules. 💸 AML Alerts: automated alerts based on anti-money laundering rules and regulations. ℹ️ Information Requests: request created by a partner program or bank to request information from each other. 💳 Card Disputes: track customer card disputes, upload supporting documentation, and communicate with others to reach a resolution. 🤝 Partner Monitoring Request: automated alerts to the program based on a bank’s Ongoing Monitoring schedule, which is used to automate the collection of ongoing due diligence documents, such as customer complaint logs and executive team changes. 💻Marketing Materials: our customers can submit marketing assets, request approvals, and receive feedback from their bank partner.

We’re excited to partner with Velmie and Armada Labs to provide our customers with new ways to build their banking front-end experience 🏦 Consumers and businesses increasingly expect a seamless and intuitive user experience from companies that provide financial services 🤳 While Synctera equips companies with all of the infrastructure and tooling needed to build and manage great banking products, developing an intuitive and compliant front-end experience plays a vital role in the product’s long-term success and differentiation. Not all companies have the expertise or engineering bandwidth required to build these products in-house, which is why we’ve partnered with two leading bank and FinTech product development firms 🛠 Each firm brings a unique approach and skillset, allowing our customers to select the solution that best fits their needs. Learn more about our partnerships with Velmie and Armada Labs using the link below 🔗 👇 https://lnkd.in/gYF2D7bp

Adro is making it easier for international students and workers moving to the US to access financial services 🙌 We’re excited about Adro’s launch and are proud to provide them with the infrastructure and tools needed to bring this product to market! Check out the post below to learn more 👇

🔦 Synctera Console Spotlight: how the Console simplifies and streamlines proper reconciliation When operating a banking product, every time an end-user conducts a transaction, that transaction data is recorded in multiple systems across multiple partners, including technology providers, bank partners, and all the different payment rails. The job of reconciliation is to ensure that transaction data matches between all the systems, making it key to maintaining accurate money movement and account balance data. The Synctera Console makes it easy for our bank partners to track all funds flowing in and out of their programs, in one centralized interface. The Reconciliation section of the Console includes: 🟰Daily Snapshots: quickly and easily view the reconciliation status and balances of a program. It’s a bank’s first stop to investigate any differences between balances, in collaboration with the Synctera Operations team. 📖Open Items: view all of the transactions that were not auto-reconciled by Synctera’s reconciliation engine. This tab is used to manually reconcile transactions that were not auto-reconciled and to investigate and track open items. 🔍Post-processing: review transactions that can’t be automatically attributed to a specific customer account. Easily review the transaction and attempt to match it to a customer account based on the transaction file data. ✅Reconciled: view a list of all of the transactions that have already been reconciled, both automatically and manually. It is also a way to un-do reconciliations that might have occurred in error. Want to learn more about how to best approach reconciliation in sponsor banking partnerships? Reach out to our team!

Congratulations to our customer, Waltz, on their official launch! 🙌 🚀 Waltz is revolutionizing the investing, financing, and closing processes in U.S. residential real estate for foreign investors. We are proud to be partnering with Waltz, providing them with the infrastructure needed to offer innovative banking and money movement products to their customers 💸 Check out the post below from Waltz to learn more👇