Synctera
@synctera
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The Banking as a Service team helping people & companies launch financial products - accounts, cards, credit, lending, payments, and more 💳 Let's build ✨🪐
San Francisco, CA
Joined July 2020
We’re excited to welcome Deb Bonosconi as Synctera’s Chief Risk and Compliance Officer!.
synctera.com
Deb Bonosconi joins Synctera as our new Chief Risk and Compliance Officer, ensuring compliance is at the forefront of everything we build
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Time to accelerate 🏎️ We’ve raised $15M in a fresh round of funding and are excited to announce partnerships with @bolt and @hawk_ai_tech! 🎉.
synctera.com
Synctera has announced a $15M fresh round of funding, new strategic technology partner, and its largest customer to date on its road to profitability.
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RT @AmerBanker: We’ve seen what happens when BaaS providers fail to protect consumers. Across the industry, we need to institutionalize pri….
americanbanker.com
We've seen what can happen when BaaS providers fail to adequately protect consumers. Across the industry, we need to institutionalize the principles of safe banking, both inside and outside of...
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Today @WebullGlobal launched their new Global Account product for customers in Brazil! 🎉🏦. We’re proud to partner with Webull and provide them the tech components and tools necessary to build a great banking and payments product for their customers.
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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.
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4. Reliable reconciliation. For every transaction there are multiple systems that record the data. Reconciliation is the process of matching this data between systems to make sure they are aligned. This process is key to maintaining accurate transaction and account balance data.
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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 make that data usable. A dashboarding tool that connects with your ledger enables you to track trends over time, better identify fraud, and much more.
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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.
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1.All data centralized in one place. When customer data is scattered across systems, getting an clear picture of who’s who and who’s doing what becomes much more difficult. By centralizing data you can better understand customer behavior and be more effective at mitigating fraud.
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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? 🧵.
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Check out our newest guide where we break down the six principles for how BaaS sponsor banks and non-bank companies need to operate together to form strong and compliant partnerships 🤝. Download the full guide to learn more!.
synctera.com
In this guide we break down the six principles for how sponsor banks and non-bank companies need to operate together to form strong and compliant partnerships.
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5. Card issuance and processing: There are numerous card network considerations and tech components needed in order to have a seamless card issuance and processing experience 💳.
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4. Payments infrastructure: There are various different ways customers expect to be able to move money into and out of your banking product. Building these capabilities or integrating with partners will allow you to deliver a great user experience 💸.
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3. Security standards and certifications: When handling your customers finances and personal data it’s important to have security infrastructure in place🔒.
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2. Risk management & compliance: These tools are required to conduct proper due diligence and ongoing monitoring of customers, helping you to fight fraud, track money movement, and stop bad actors from accessing your ecosystem 🛡️.
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1. Core banking technology: The ledger is the single source of truth for customer, account, and transaction data. It’s also important to build in capabilities to ensure the accuracy and integrity of that data ✅.
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There are a lot of components that go into building a banking ecosystem 🏦⚙️. They each play a role in providing your customers a great user experience, while making your banking product compliant and scalable. Let’s walk through the 5 components of a banking ecosystem 🧵
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RT @checkbook: Exciting times! 🚀 @Checkbook & @Synctera are joining forces to simplify payments for businesses! 🤝💼 . Fast, flexible, and us….
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RT @phazlehurst: Hey friends. Super excited to be speaking at this year's @EmpireStartups Empire FinTech Conference on Wednesday, April….
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RT @rshevlin: How To Be(come) A Great Partner Bank In The BaaS Space. New research from @CstoneAdvisors and #BaaS provider @synctera helps….
forbes.com
New research from Cornerstone Advisors and BaaS provider Synctera helps points to banks’ growing interest in BaaS and the path forward for banks and fintechs.
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