Synapse launches global cash, a U.S.-based account solution for international FinTech companies and their customers
By Edlyn Cardoza
Synapse, a global banking-as-a-service platform that increases access to financial products, recently announced the launch of Global Cash, a secure cash management account product that enables residents in more than 35 countries to invest and hold U.S. dollars.
Global Cash allows U.S.-based FinTechs to expand their market reach by simplifying the onboarding of international customers through effortless compliance mechanisms. FinTechs abroad can quickly and easily implement a financial solution that grants customers virtually anywhere access to U.S. based account features.
With more than 1.7 billion underbanked adults worldwide, Global Cash levels the playing field for people such as freelancers, influencers, and gamers who, especially outside of the U.S., often have difficulties getting paid. Global Cash provides popular features, including debit cards, bank-to-bank transfers, virtual account numbers for direct debit and direct credit, bill-pay, ATM access, and domestic and international transfers.
“Global Cash delivers on the promise of truly modern, borderless, and equitable access to financial services for customers without geographic limitations,” said Synapse CEO and co-founder Sankaet Pathak. “With so many entrepreneurial global citizens earning their living on the web, we’ve had an overwhelming demand for this product. Before Global Cash there was no easy way to deploy global financial products; a company’s options were to build from scratch or integrate with subpar BaaS providers in each country. Synapse eliminates those roadblocks, helping companies facilitate global account services efficiently and simply through a unified platform.”
When Brazilians travel internationally, they face a problem: they can travel with cash and pay foreign exchange fees at high rates or use credit cards that are 4x the cost of U.S. credit cards. Brazilian startup Nomad, powered by Synapse Global Cash, empowers customers to send local currency to a U.S. deposit account from their home bank and access those funds in as little as two business days, along with issuing customers physical and virtual cards to simplify cost-effective transactions.
“Because of the intricacies of cross-border transactions, we needed a partner that was authentically global with the experience to understand the finance, technology, and U.S. compliance systems that make this all possible,” said Nomad CEO Lucas Vargas. “Synapse understood our challenges and made life simpler for us. They provided a valuable solution that no one else could.”
By empowering people around the globe to open a fully regulated U.S. account, Global Cash can insulate global citizens from monetary concerns in regions experiencing hyperinflation, instability, or negative interest rates, as well as opening the door to a wealth of financial services:
- Receive payments in USD
- Make international purchases
- Invest in global markets
- Participate in foreign exchange and transfers
- Access family financial services across borders
Synapse Global Cash also allows international startups and enterprise-scale financial institutions to easily embed banking products into applications and launch those products in weeks rather than months or years. Fundamental to enabling this speed-to-market is a comprehensive suite of capabilities built into the Synapse platform, including core banking relationships, payment networks, licensing, and identity and risk management, including Know Your Customer (KYC) and Anti-Money Laundering (AML).
“For many outside of the U.S., the ability to hold U.S. dollars in a U.S. account and transact through that account establishes a new level of economic freedom. Adequate KYC/AML protections are critically important and can be barriers,” said Stefano Angeli, Founder and CEO of Utoppia. “By solving for compliance inside and out, Synapse enables us to provide these services at the level and scale of the world’s largest banks at a fraction of the cost. And by keeping that cost down we’re able to provide accessible financial services to a global and more diverse range of customers.”
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