Synctera launches smart payment card and white label banking app

Synctera, a company that helps startups and established businesses build and launch FinTech apps and integrated banking services through its Banking as a Service (BaaS) platform, today announced the launch of two products that will enable FinTech builders to launch a wider range of products, faster: ● Synctera Smart Charge Card: A complete solution for FinTechs and enterprises to create and issue payment cards for their customers ● Synctera White Label Banking App: A basic free and comprehensive code that Synctera customers can use to immediately launch a neobank or customize for their specific product vision

Introducing the Synctera Smart Charging Card

A new BaaS credit product, Synctera Smart Charge Card includes a set of easy-to-use APIs that
businesses can access it to create, launch and issue payment cards to their customers. Accounts and money movements are supported by a partner bank in Synctera’s growing network. Businesses launching the Synctera Smart Top Up Card can also access Synctera’s full suite of banking services – including bank account and debit card issuance, payment rails, KYC, account verification, compliance and operational support, and much more. The launch of the Synctera Smart Charge Card continues Synctera’s momentum of innovation in credit and lending for the BaaS industry, coming less than two months after the launch of the Synctera Credit Line.

Businesses that issue payment 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. Redemption revenue on payment cards can be up to double what debit cards provide, giving businesses greater flexibility to deliver rewards to their end customers. Additionally, payment card interchange fees are not capped for large banks under the Durbin Amendment, as are debit card interchange fees. This makes credit cards an attractive option for large banks looking to increase their deposits by partnering with companies through BaaS platforms like Synctera’s to launch banking products.

“Synctera Smart Charge Card offers significant benefits to everyone involved and will expand the banking-as-a-service market by both helping FinTechs create quality products and encouraging more banks to join” , said Peter Hazlehurst, CEO of Synctera. “With the Synctera smart top-up card, FinTechs are able to offer attractive rewards linked to checking accounts, helping them grow their business and bring real value to their customers. And big banks are finally able to compete in BaaS because they earn the same exchange on payment cards as smaller banks.

The first offering of Synctera Smart Charge Card is a secure payment card; unlike a traditional payment card, the product does not require a credit check, nor does it require the company to fund its customers’ balances.

Businesses may choose to launch secure payment cards to better serve customers who are looking for a smart way to manage their expenses and stick to their budget or who need a more flexible payment option than prepaid cards. Importantly, with Synctera’s secure payment card, the cardholder can withdraw their available balance at any time, making it a more flexible payment option than traditional secure credit cards.

A secured credit card can also be a safe and convenient payment solution that can help build or rebuild credit for millions of credit-blind Americans. Synctera’s end-to-end financial infrastructure can power new banking use cases specifically designed for under-resourced communities like Solvent, a FinTech startup that creates affordable financial services to empower formerly incarcerated people.

“Solvent is a platform, a goal, a result: enabling people to optimize their lives for financial empowerment and wealth creation,” said Victor D. Lombard DIVINE, CEO and Founder of Solvent. “Our mission is to facilitate financial empowerment and wealth creation for the impacted system by creating and delivering a suite of personal financial and banking tools, products and services. I am delighted that the Synctera team can supporting our vision to enable this financially excluded, disadvantaged, neglected and underserved group to finally get the solutions they need,” said DIVINE.

Synctera White Label Banking app enables FinTechs to launch better banking experiences for end customers faster

Synctera also announced the launch of its comprehensive Synctera White Label banking application. Developers can leverage the app’s codebase to quickly build integrated banking products or standalone neobank apps. The app provides an intuitive banking experience for end users and is designed to work out of the box with the Synctera platform. Developers can customize the app UI to match branding, logos, colors, product feeds, and more. of their business.

Built in partnership with leaders in FinTech UX design and engineering, the Synctera White Label Banking app can save businesses around 300 hours of development time. Synctera offers the code for free to builders. It is the first of many white label financial applications that Synctera will make available to its customers in partnership with Praxent and Intelliware.

The Synctera White Label Banking app is currently being used by Synctera customers like Players Health – a startup that provides insurance and other services to athletes and sports organizations – to accelerate development efforts for their FinTech projects. Leveraging Synctera’s powerful banking API infrastructure and FinTech expertise, Players Health is rapidly developing the best banking solution available to youth sports and fitness organizations.

“As a company driven by our mission to create the safest and most accessible environment for children to play the sports they love, we were fortunate to find a partner like Synctera,” said Tyrre Burks, Founder and CEO of Players Health.

Combined with Synctera’s intuitive development environment and comprehensive compliance and operations support, Synctera’s white-label banking application solidifies the company’s position as a one-stop-shop for building, testing and Quickly launch FinTech apps and integrated banking services.

“We’ve built a great developer experience for BaaS because we know time and money aren’t on the developer’s side,” said Kris Hansen, CTO and co-founder of Synctera. “Our banking integrations, back-end resources and new front-end offering simplify what would otherwise be an exhausting road to launch.”

The Synctera White Label 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 Synctera White Label Banking application in tandem with Synctera’s APIs in the Synctera workspace.

Synctera White Label Banking app extends the company’s purpose-built BaaS platform, paving the way for new products in the growing integrated finance market, which industry experts predict will exceed $7 trillion in transaction volume by 2026. Currently, more than 30 companies of all sizes are developing debit cards, bank accounts, loans and other financial products with Synctera for a wide range of target markets and customer segments .