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Synctera launches Bring-you-own-Bank

Source: Synctera

Synctera was built on the foundation that facilitating strong relationships between our customers and their sponsor bank is the key to everyone’s long-term success.

To enable these partnerships, Synctera built a technology platform and a marketplace of banks and companies looking to launch banking products, and helped the two parties find their perfect match. At the core of the marketplace is:

  1. A shared understanding of the principles for creating successful partnerships between sponsor banks and companies launching banking products
  2. The Synctera Platform – the infrastructure providing our customers and bank partners with everything they need to build, manage, and oversee the programs

Over the last few years, the marketplace has continued to grow on both sides. We’ve seen customers with a wide variety of use cases and banks with different approaches and risk appetites. Interestingly, the underlying needs remain the same - foundational technology that enables everyone to work together in a profitable, safe and compliant way.

Recently, we have begun seeing a lot of demand from companies needing a complete tech stack to build their banking product, but wanting to use a sponsor bank outside of the Synctera network.

As the Synctera Platform has always been built with flexibility, extensibility and ease of integration in mind, adapting to this new request hasn’t required any material changes.

Synctera’s new Bring Your Own Bank (BYOB) model enables customers to leverage the Synctera Platform while maintaining the flexibility to work with whichever bank best fits their needs.

For the sponsor banks of our BYOB customers, the Synctera Platform gives them confidence that their partner’s banking product is built using compliance-forward infrastructure with sound accounting principles and a complete reconciliation engine.

Synctera’s first BYOB client is Beacon, a platform that equips immigrants moving to Canada with the tools and resources they need to arrive confidently. As part of their platform, Beacon wanted to offer embedded financial products that allowed their customers to open accounts and set up cards prior to arriving in Canada.

“In order to move quickly we needed a tech stack that provides the infrastructure to build and manage our product. With the Synctera Platform we now have all of the components necessary to build a great product and a suite of tools to manage operations and compliance as we scale,” said Stuart Szabo, CEO and Co-Founder of Beacon.

The BYOB model is ideal for customers that need a complete platform to build and manage banking products, but want to partner with a sponsor bank they have a prior relationship with or one that has specific capabilities unique to their use case.

Synctera also provides a fully-managed offering (Managed by Synctera) and a hybrid offering (Powered by Synctera) that supports customers and banks with additional services to manage the program.  

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