Synctera empowers our customers to build best-in-class banking apps with our end-to-end embedded banking platform. Today, we’re excited to announce the launch of SyncteraPay, which allows our customers to work with any payment provider and have all transaction information centralized and seamlessly integrated into the Synctera Ledger. 

Payments and banking are fertile areas for innovation, and we at Synctera have built first-party APIs for all the common money flows - be they ACH, Wires, push to card, and so on. However, almost monthly a new player comes on the market offering innovations in bill pay, international transactions, check printing (yes, checks are still a thing), card acquiring and so on. We can’t integrate everything – so we came up with SyncteraPay as a universal adapter to our ledger.

SyncteraPay gives our customers added flexibility to mix and match their preferred partners (after certification) to the Synctera platform. Even with our first-party APIs in the Synctera platform, we’ve heard from customers “but I’d really like another push to card solution” or “we already send a bunch of traffic to this international remittance provider, why do we have to use yours?” SyncteraPay allows us to serve customers that have existing or preferred third-party payment solutions that complement our out-of-the-box offering.

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Why’d we build SyncteraPay?

‍We heard that our customers want both the value of the Synctera Platform and the flexibility to work with their choice of payment providers. For example, that could be an existing partner in order to maintain existing tech build-outs and pricing terms or, it could be a niche payment offering that isn’t supported natively by Synctera. With SyncteraPay, our customers can have the best of both worlds: the flexibility to work with their chosen vendors and the benefits of the Synctera Ledger with powerful auto reconciliation and strategic compliance support.

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How does SyncteraPay work?‍

SyncteraPay enables our customers to connect their preferred payment provider or SyncteraPay partner to the Synctera Platform via our API. Think of SyncteraPay as an app store and each payment provider is an app. In order for payment providers to be a part of the SyncteraPay “app store,” there are two certification criteria to meet:  

First, they must pass Synctera’s third-party risk management (TPRM) assessment. At Synctera, we conduct TPRM across all of our partners on an ongoing basis. TPRM helps keep our customers and portfolio of sponsor banks compliant. 

Second, Synctera ensures that providers’ reconciliation files can be ingested by the Synctera Ledger – critical for accurate and timely, daily reconciliation. As with all payments that flow through the Synctera Platform, transactions are automatically monitored and checked for fraud, AML, and OFAC.

Providers that have previously worked with Synctera are already in the “app store,” as we’ve already conducted TPRM and confirmed their reconciliation files are compatible. 

Once a provider is certified and made available for use, the bank sponsor still needs to approve the usage. This ensures that everyone understands what money is coming or going so that the bank can provide the appropriate oversight.

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Can payment providers connect to SyncteraPay?

Payment providers can now integrate directly with SyncteraPay and be a part of our “app store”– an additional channel for our partners to reach FinTech and embedded finance prospects. Below, we share examples from two of our primary SyncteraPay partners, Checkbook and Method.

“We’re thrilled to be working with Synctera on getting SyncteraPay launched. Today more than ever, FinTechs and embedded finance platforms have a demanding set of customers that require versatility with how businesses, individuals, and institutions get paid. This requires not only digital instant payments, but also good old paper checks, which are anything but dead. We can’t wait to see the various use cases that we can enable together!” Aditya Raikar, VP of Partnerships at Checkbook, explains.

The Checkbook partnership allows our joint customers to have faster and easier access to Checkbook’s check printing and mailing services, with instant payment methods to follow shortly. One such example of this is Mazlo, a banking platform that helps nonprofits scale more efficiently and reduce accounting headaches.

“Our nonprofit partners can now issue checks with a single click — printed, mailed, and tracked. At scale, this means they have more time to do good. Thanks to SyncteraPay, integration with Checkbook.io was seamless. Of course, we love that all transactions are centralized on the Synctera Platform. This is fintech at its best,” explained Kian Alavi, Mazlo’s Co-founder and CEO. 

Method, another SyncteraPay partner, lets our customers offer bill pay services to add recurring and autonomous bill management into their personal financial management offering.

SyncteraPay is just one of the ways we at Synctera demonstrate to our customers and partners that we are committed to supporting the ever-growing ecosystem of money movement. If you’d like to work with Synctera to build your banking product or app, contact our sales team. If you are a payment provider interested in becoming a SyncteraPay partner, email us at partnerships@synctera.com and let’s explore all that we can build together! 

Read more about how to integrate with SyncteraPay here.