Synctera introduces SyncteraPay

Friday 8 March 2024 13:28 CET | News

Synctera has introduced SyncteraPay, a new feature that allows its customers to work with any payment provider. 

As per the official announcement Synctera's customers will also have all transaction information centralised and integrated into the Synctera Ledger. 

Synctera seeks to empower its customers to build banking apps with its end-to-end Embedded Banking platform. Payments and banking are fertile areas for innovation, and Synctera has built first-party APIs for all the common money flows. However, new players comes on the market offering innovations in bill pay, international transactions, check printing, card acquiring and so on. Therefore, the company built SyncteraPay, as a universal adapter to its ledger.

Synctera had introduced SyncteraPay, a new feature that allows its customers to work with any payment provider.

According to the official statement, SyncteraPay gives customers added flexibility to mix and match their preferred partners (after certification) to the Synctera platform. SyncteraPay allows the company to serve customers that have existing or preferred third-party payment solutions that complement its offering. 

How does SyncteraPay work?‍ 

The announcement continues to give the example of SyncteraPay as an app store and each payment provider is an app. In order for payment providers to be a part of the SyncteraPay “app store,” there are two certification criteria to meet:   

First, they must pass Synctera’s third-party risk management (TPRM) assessment. TPRM helps keep customers and portfolio of sponsor banks compliant. Second, Synctera ensures that providers’ reconciliation files can be ingested by the Synctera Ledger – critical for accurate and timely, daily reconciliation. As with all payments that flow through the Synctera Platform, transactions are automatically monitored and checked for fraud, AML, and OFAC. 

Providers that have previously worked with Synctera are already in the “app store,” as the company has already conducted TPRM and confirmed their reconciliation files are compatible. Once a provider is certified and made available for use, the bank sponsor still needs to approve the usage. This ensures that everyone understands what money is coming or going so that the bank can provide the appropriate oversight. 

About Synctera

Based in the US, Synctera's end-to-end Banking as a Service platform enables businesses of varying sizes to expedite the development and launch of fintech applications and embedded banking products. An emerging application for Synctera in 2024 is international wealth management, exemplified by its partnership with BTG Pactual. Synctera's collaboration with BTG facilitates account offerings in the US for BTG's Latin American clientele. 

In March 2024, the BaaS platform raised USD 18.6 million in an extension to its 2021 Series A funding round. Lightspeed and Fin Capital co-led this extension, with contributions from previous investors NAventures and Diagram. Notable new investors joining this round include Banco Popular and Mana Ventures. 

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Keywords: product launch, payment methods, payments , banking
Categories: Payments & Commerce
Companies: Synctera
Countries: United States
This article is part of category

Payments & Commerce


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