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Synctera launches two new products for FinTech builders

By Edlyn Cardoza

October 31, 2022

  • AML
  • APIs
  • BaaS

Synctera, Embedded Banking, FinTech, BaaS, Neobank, Charge Cards, Synctera Smart Charge Card, APIs, Synctera Line of Credit, Synctera White Label Banking App, FinTech UX, USASynctera, a company that helps startups and established companies build and launch FinTech apps and embedded banking via its Banking as a Service (BaaS) platform, 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 customise to their specific product vision

A new BaaS credit product, Synctera Smart Charge Card, includes a set of APIs that companies can access to build, launch, and issue charge cards to their customers. A partner bank from Synctera’s growing network supports accounts and money movement. Companies that launch the 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, operational support, and more. The launch of the 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.

“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 offering is a secured charge card; unlike a traditional charge card, the product does not require a hard credit check and does not require the company to fund its customers’ balances. Companies may choose to launch secured charge cards to better serve customers who are seeking a smart way to manage spending or who need a more convenient payment option than prepaid cards and debit cards. Importantly, Synctera’s secured charge card allows the cardholder to withdraw their available balance at any time, making it more flexible than traditional secured credit cards. A secured charge card also can be a way to build or rebuild credit for millions of credit invisible Americans.

Synctera also announced the launch of its full-featured Synctera White Label Banking App. Developers can quickly leverage the app’s codebase to build embedded banking products or standalone neobank apps. Developers can customise the app’s user interface to match their company’s branding, logos, colours, product flows, and more. Built-in partnership with FinTech UX design and engineering leaders, the Banking App can save companies an estimated 300 hours of development time. Synctera offers the code free to builders.

Paired with Synctera’s intuitive developer environment and comprehensive compliance and operational support, the Banking App creates 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’s Chief Technology Officer 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 Banking App is pre-tested for typical vulnerabilities that can delay or even prevent a company from launching its FinTech app or financial product in partnership with a sponsor bank. Developers can test the Banking App with Synctera’s APIs in the Synctera Workspace. More than 30 companies of all sizes are developing debit cards, bank accounts, lending, and other financial products with Synctera for various target markets and customer segments.

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