Welcoming Cable to The Synctera Family

TLDR:

• Synctera has acquired Cable
• Cable will remain available as a standalone offering
• Cable automates control testing, so banks know if their FinTechs are complying with regulations and agreed procedures
• Synctera will continue to invest in and grow the Cable product
• Improving the quality and observability of compliance execution is a shared mission

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In banking, almost all new initiatives come with some amount of inherent risk. What matters is putting the right controls and systems in place to mitigate that risk and stay compliant in all areas. 

It isn't easy. The regulatory, operational, and technological platforms that balance and manage risk are hard to build and scale. That difficulty is also a “moat.”

I’m super pleased to share that Synctera has acquired Cable, a leader in an essential piece of risk and compliance: automated control testing for banks and FinTechs.

Companies and banks like Midland States Bank, Grasshopper, and Mercury already trust Cable to help manage their compliance. That's not an accident. Natasha Vernier and her team have built something genuinely useful in a space where most solutions are theater. Being on the right side of risk and compliance has been a core thesis of ours since the beginning. 

We're excited to welcome the Cable team who have been focused on improving the quality and observability of compliance execution. We thought about building something like this ourselves, but Cable made the build-vs-buy decision easy. They've been focused on this specific problem since 2020 and they got it right.

Cable has built a solution that enables banks to audit and test whether FinTechs and service providers are actually doing what they claim across AML policies, transaction monitoring, KYC rules, and other compliance controls. We’ve also found that banks find it quite helpful for their own internal use. 

Cable’s product will continue to operate as a standalone offering, while also being extended to add an additional layer of compliance control on top of the Synctera Platform natively.

Synctera, today, provides the orchestration layer for all of the components banks and FinTechs need to offer embedded finance, including all of the compliance technology. This technology ranges from KYC to accounting to statements, calculating interest, offering debit and credit cards and ultimately account closure. 

What Cable offers sits on the other side of the equation: instead of executing compliance controls, it independently verifies that those controls are working as intended. There’s no reason to be satisfied by sampling every 100th KYC to check if we followed policy. We’ll test everything.

And they're not standing still. One of the biggest barriers to compliance testing is the upfront effort required to map data before you see any value. Cable’s AI workflows product removes that barrier by automatically extracting data from unstructured compliance artifacts and testing against any regulation, procedure, or custom control a bank or FinTech sets up. 

Every bank and FinTech in this ecosystem stands to benefit from this and what we'll be building together, here and in what comes next as we continue to invest in the space.

More soon.

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