Synctera

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👇

Vendor risk management, including third and fourth party risk management, has become increasingly important for sponsor banks. Our Director of Operational Risk, Jonathan Brito, CISA, CDPSE, teamed up with Poorani Jeyasekar to help banks understand how to mitigate risks associated with these often complex relationships. This article breaks down: - The differences between third party and fourth party risk management - Recommendations for how sponsor banks should approach third and fourth party risk management for their BaaS partnerships - Insights into a comprehensive vendor review process Check out the article below to learn more!👇 https://lnkd.in/gtqbN4Jb

BTG Pactual, Latin America’s largest investment bank, recently launched a new set of US banking products for their clients in Brazil 🏦 These products allow their clients to open US accounts and spend money in USD, all in the same platform as the local currency accounts BTG Pactual already provides. By partnering with Synctera, BTG Pactual was able to access the infrastructure, sponsor bank connection, and tools and workflows necessary to build and manage compliant banking products. Check out the full story using the link below to learn more 🔗 👇 https://lnkd.in/g_i-TnJi

Learn about the new features we launched in the past month for our customers and bank partners! 🚀 Throughout the month of June our product and engineering teams were busy shipping new functionality, such as: - Adding functionality to the Synctera Console for greater oversight 🔍 - Bringing automation to negative balance management 💸 - Improving the end-user experience for card transactions 💳 Learn about these updates and more in our June Product Update using the link below! https://lnkd.in/gepmPrnQ

Introducing our new ongoing monitoring feature, improving the way banks perform ongoing due diligence on their programs 🏦 🔍 For sponsor banks to conduct the required due diligence on their program partners, there is a lot of documentation and info that must be exchanged on an ongoing basis. The Synctera Platform centralizes all of this information within the Synctera Console. Then, with our ongoing monitoring feature, banks can now automate the process of requesting and gathering the necessary documentation. This ensures they always have the most up to date information and complete traceability of monitoring activities. Our Senior Solutions Consultant, Shalini Chandrakanth, walks through the full process within the Synctera Console. Check out the demo in the video below!

An accurate and reliable real-time ledger is key to operating a compliant banking product 🏦 So what are the 4 things to look out for to ensure your banking ledger is built to scale? 1. All data centralized in one place 🤝 When customer data is scattered across multiple systems, getting an accurate picture of who’s who and who’s doing what becomes increasingly difficult. Having all data centralized in one system makes it easier to understand customer behavior, helping you become more effective at mitigating risk and fraud. 2. Proper banking data structure 🏗 There are three pillars of banking data: customer, account, transaction. Each of these pillars needs to be well-defined and able to interface with each other to have a clear view of customer behavior and money movement. 3. Technology to easily extract data and create reports 📊 Not only do you need a way to store data, but you also need a way to visualize and interpret that data to make it usable. An internal dashboarding tool that connects with your ledger will enable you to track trends over time, find anomalies that may signal fraud, and much more. 4. Reliable reconciliation 💸 In banking, for every transaction there are multiple systems that record the transaction. Reconciliation is the process of matching the transaction data between these systems to make sure they are aligned. This process is key to maintaining accurate money movement and account balance data. When all of these pieces come together in a ledger you can feel more confident that your product is built on a solid data foundation. This will make you better at mitigating fraud, understanding your customers, and keeping track of every penny, all key ingredients to scaling effectively and compliantly.

We're excited to be named to Parity.Org's 2024 ParityList™! 🎉 This list recognizes companies that are creating the culture and conditions in which all employees have an equal opportunity to compete and advance. At Synctera, we do this by bringing an emphasis on DEI to all of our internal processes and the overall culture we are building. We’re proud to be recognized for our efforts! Check out the full list of companies using the link below. https://lnkd.in/gnGANU32