Synctera, a company that helps startups and established companies build and launch FinTech apps and embedded banking via its Banking as a Service (BaaS) platform, today announced the launch of two products that will allow FinTech builders to launch a wider range of products, faster:
● Synctera Smart Charge Card: A complete solution for FinTechs and businesses to create and
issue charge cards for their customers
● Synctera White Label Banking App: A free, full-featured codebase that Synctera customers can
use to immediately launch a neobank or customize to their specific product vision
Introducing Synctera Smart Charge Card
A new BaaS credit product, Synctera Smart Charge Card includes an easy-to-use set of APIs that
companies can access to build, launch, and issue charge cards to their customers. Accounts and money movement are supported by a partner bank from Synctera’s growing network. Companies that launch Synctera Smart Charge Card can also access Synctera’s complete suite of banking services - including bank account and debit card issuance, payment rails, KYC, account verification, compliance and operational support, and much more. The launch of Synctera Smart Charge Card continues Synctera’s innovation momentum in credit and lending for the BaaS industry, coming less than two months after the launch of Synctera Line of Credit.
Companies that issue charge cards with Synctera can earn revenue from interchange fees, monthly subscriptions and, in the future, a share of interest paid by the consumer or business. Interchange revenue on charge cards can be up to double what debit cards provide, providing companies with greater flexibility to offer rewards to their end customers. Additionally, interchange fees on charge cards are not capped for large banks under the Durbin amendment like debit card interchange fees are. This makes charge cards an attractive option for larger banks that want to grow deposits by partnering with companies via BaaS platforms like Synctera’s to launch banking products.
“Synctera Smart Charge Card provides significant benefits to everyone involved and will expand the Banking as a Service market by both helping FinTechs build great products and encouraging more banks to join in,” said Peter Hazlehurst, Synctera’s Chief Executive Officer. “With Synctera Smart Charge Card, FinTechs are able to offer attractive rewards linked to checking accounts, helping them grow their business and provide real value to their customers. And larger banks are finally able to compete in BaaS because they earn the same interchange on charge cards as smaller banks.”
The first Synctera Smart Charge Card offering is a secured charge card; unlike a traditional charge card, the product does not require a hard credit check, nor does it require the company to fund its customers’ balances.
Companies may choose to launch secured charge cards in order to better serve customers who are seeking a smart way to manage spending and stay on budget or who need a more flexible payment option than prepaid cards. Importantly, with Synctera’s secured charge card, the cardholder is able to withdraw his or her available balance at any time, making it a more flexible payment option than traditional secured credit cards.
A secured charge card also can be a safe, convenient payment solution that can help build or rebuild credit for millions of credit invisible Americans. Synctera’s end-to-end financial infrastructure can power new banking use cases purpose-built for under-resourced communities like Solvent, a FinTech startup building affordable financial services to empower formerly incarcerated individuals.
“Solvent is one platform, one aim, one result: for people to optimize their life for financial empowerment and wealth building,” said Victor D. Lombard DIVINE, Solvent’s CEO and Founder. “Our mission is to facilitate financial empowerment and wealth building for the System Impacted by building and providing a suite of personal financial and banking tools, products, and services. I’m excited the team at Synctera can support our vision to empower this financially excluded, disadvantaged, overlooked and underserved group, to finally get the solutions they need,” said DIVINE.
Synctera White Label Banking App allows FinTechs to launch better banking experiences for end customers faster
Synctera also announced the launch of its full-featured Synctera White Label Banking App. Developers can leverage the app’s codebase to quickly build embedded banking products or standalone neobank apps. The app delivers an intuitive banking experience for end users, and is designed to work out of the box with the Synctera platform. Developers can customize the app’s user interface to match their company’s branding, logos, colors, product flows, and more.
Built in partnership with FinTech UX design and engineering leaders, the Synctera White Label Banking App can save companies an estimated 300 hours of development time. Synctera offers the code free to builders. This is the first of many white label financial apps that Synctera will make available to its clients built in partnership with Praxent and Intelliware.
The Synctera White Label Banking App is currently being used by Synctera’s customers like Players Health -a startup that provides insurance and other services for athletes and sports organizations- to accelerate development efforts of their FinTech projects. By leveraging Synctera’s powerful banking API infrastructure and FinTech expertise, Players Health is quickly developing the best banking solution available for youth sports and fitness organizations.
“As a company led by our mission to create the safest and most accessible environment for kids to play the sports that they love, we were fortunate to find a partner like Synctera”, said Tyrre Burks, Founder and CEO of Players Health.
Paired with Synctera’s intuitive developer environment and comprehensive compliance and operational support, the Synctera White Label Banking App cements the company’s position as a one-stop shop to rapidly build, test, and launch FinTech apps and embedded banking.
“We built a great developer experience for BaaS because we know time and money are not on the developer’s side,” said Kris Hansen, Synctera CTO and Co-founder. “Our banking integrations, back-end resources, and our new front-end offering simplify what would otherwise be a grueling road to launch.”
The Synctera White Label Banking App is pre-tested for typical vulnerabilities that can delay or even prevent a company from launching their FinTech app or financial product in partnership with a sponsor bank. Developers are able to test the Synctera White Label Banking App in tandem with Synctera’s APIs in the Synctera Workspace.
The Synctera White Label Banking App expands the company’s purpose-built BaaS platform, clearing a path for new products in the growing embedded finance market, which industry experts believe will surpass $7 trillion in transaction volume by 2026. Currently, more than 30 companies of all sizes are developing debit cards, bank accounts, lending, and other financial products with Synctera for a wide range of target markets and customer segments.