Synctera

The Banking as a Service team helping people & companies launch financial products - accounts, cards, credit, lending, payments, and more 💳

Let's build ✨🪐

[Synctera @synctera]

We're excited to announce that @synctera has acquired @cabledottech

https://t.co/HDOkVQHIEN

[Synctera @synctera]

We’re excited to welcome Deb Bonosconi as Synctera’s Chief Risk and Compliance Officer!

https://t.co/eGTxix76yE

[Synctera @synctera]

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! 🎉

https://t.co/2iR1MbgrYZ

[American Banker @AmerBanker]

We’ve seen what happens when BaaS providers fail to protect consumers. Across the industry, we need to institutionalize principles of safe banking, both inside and outside of traditional banks, writes Tana Rugel, of @Synctera, in @AmerBanker @BankThink.https://t.co/rEJFNLOqWR

[Synctera @synctera]

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.

https://t.co/Me4JCagG2S

[Synctera @synctera]

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.

[Synctera @synctera]

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.

[Synctera @synctera]

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

[Synctera @synctera]

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.

[Synctera @synctera]

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

[Synctera @synctera]

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? 🧵

[Synctera @synctera]

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!

https://t.co/PBNet6uNu3

[Synctera @synctera]

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 💳

[Synctera @synctera]

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 ✅

[Synctera @synctera]

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 💸

[Synctera @synctera]

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 🧵

[Checkbook @checkbook]

Exciting times! 🚀 @Checkbook & @Synctera are joining forces to simplify payments for businesses! 🤝💼

Fast, flexible, and user-friendly options are on the horizon. Stay tuned for a game-changing experience! #Fintech #PaymentSolutions

Click to read more!
https://t.co/SICn8zV6j8

[Peter Hazlehurst @phazlehurst]

Hey friends...

Super excited to be speaking at this year's @EmpireStartups Empire FinTech Conference on Wednesday, April 10th in NYC! I'm on a panel figuring out who's going to win with AI - incumbents or FinTechs.

Join me by using code SYNCTERA15 for 15% off conference tickets, https://t.co/hy2QMxlA2r.

#NYFinTechWeek #EmpireFinTech