Synctera has partnered with LoanPro, a lending and credit platform, to offer a unified solution that enables companies to launch banking and credit card products.
Companies that have previously wanted to deliver both deposit and credit products had to either build an entire ecosystem from over 20 vendors, resulting in a costly process and a fragmented operational experience, or use pre-made solutions that restrained their ability to create a tailored experience or embed offerings into their existing product set.
Synctera and LoanPro aim to tackle this challenge by supporting firms while allowing them to retain the flexibility needed to tailor services to customers’ needs and demands.
Improving credit solutions
Synctera aims to be a centralised platform for all financial ecosystem components, customer data, and operational frameworks, seeking the flexibility to create banking solutions tailored to unique demands for nonprofits, international students, and other specialised verticals.
Through the alliance, Synctera integrated LoanPro’s credit and loan servicing technology into its platform, offering an end-to-end solution that enables companies to accelerate speed to market by building both banking and credit products using a single set of APIs. Additionally, the partnership allows users to unify all end-user data for both deposit and credit products into a single ledger, and equip their sponsor bank with complete visibility into the entire programme lifecycle.
Companies using the solution will also be able to improve operational efficiency by managing all compliance and operational workflows, like credit decisioning and loan servicing, from the Synctera Console. As credit card usage continues to grow, fintechs and SaaS platforms extend their offerings to make credit cards more accessible and valuable to their shoppers.
Leveraging their unique insights, clients will be able to offer credit cards with flexible spend controls, fees, and pre-category interest rates, rewards tailored to their business or lifestyle, and the ability to embed and customise the entire user experience.
