Synechron announces the launch of its PayTech Accelerator Program

By Joy Dumasia

Synechron, Inc., a leading global digital transformation consulting firm focused on the financial services industry, announced the launch of its PayTech Accelerator Program, aimed at helping banks and other financial services institutions seize new opportunities across the payments landscape and solve evolving common business challenges. This program leverages the expertise of Synechron, joining forces with the payments domain and technology experts from Attra, made possible through Synechron’s acquisition of Attra in December 2020. This is the ninth Accelerator program that Synechron has launched since September 2016 and offers a suite of cutting-edge, scalable solutions that are design-led, data-driven, and technology-enabled.

The new PayTech Accelerator Program offers five real-world tools and solutions, one of which enables banks to build and increase their share of the Buy Now Pay Later lending market. Other PayTech Accelerator solutions provide for simultaneously testing and validating for compliance with upcoming ISO 20022 global financial messaging standards, while one critical security-focused tool in the suite work towards monitoring and actioning on real-time cybercrime threats and Black Swan events. Lastly, two seamlessly integrated digital tools can facilitate next-generation cash management benefits to large international corporate customers for enhanced Treasury functions and critical data management.

These new future-forward PayTech Accelerator solutions are designed for the financial services industry to help businesses compete in the rapidly evolving global payments ecosystem. This new suite of solutions includes:

• Pay Easy Pay Later – A Buy Now Pay Later alternative method for lending, utilizing machine learning methods
• Black Swan Fraud Prevention – Real-time omnichannel and omni-bank monitoring of threats based on financial and non-finance transactions and events within the bank, with suggestions for next best actions and enablement of immediate Kill Switches
• ISO 20022 Simulator – End-to-end validation, and simulation of data-rich payment messages in ISO 20022 formats for heightened interoperability across global financial firms
• Liquify Treasurers Portal – A next-generation, real-time cash management tool to enable multi-banked and multi-national corporate bank clients to better manage inflows/outflows, buffers, and currencies across their operating units
• Payments Data Platform – A foundational platform for enabling real-time cash forecasting capabilities to corporate clients incorporating the best practices in cloud data engineering and data management techniques

All of Synechron’s current 75+ Accelerator Program tools and solutions have been developed collaboratively across global operating units and with teams of experts in the firm’s 13 (and growing) proprietary and award-winning Financial Innovation Labs (‘FinLabs’). Synechron continues to self-fund the research and development necessary to ideate, invent and test innovative solutions that tackle today’s business problems and work to increase business efficiencies and opportunities for companies. In addition, Synechron’s FinLabs now offer a cloud-native and customized virtual sandbox through which companies can work with Synechron to help kickstart innovations and experiment with various technologies and solutions.

Faisal Husain, Synechron Co-Founder and CEO, said of the launch of the PayTech Accelerator Program, “We are pleased to launch our newest suite of business solutions, this time focused on the evolving payments arena. Since 2016, when we debuted our very first and industry-pioneering Blockchain Accelerator Program, Synechron has continued to invest heavily in R&D and develop new ways to deploy cutting-edge and digitally-forward technology. Our PayTech Accelerator tools will help industry players to better navigate the payments ecosystem and solve several of their relevant operational business challenges.”

Sandeep Kumar, Managing Director, Head of Synechron’s PayTech Accelerator Program, said: “The payments industry is in the middle of a massive transformation. We are excited to debut our newest Accelerator Program utilizing our payments industry knowledge and technical depth in emerging technologies. These accelerators are intended to serve as building blocks for our clients to develop innovative payments and related products in an accelerated time frame. We have utilized the latest in design, data and engineering practices to provide these as reusable components.”