The partnership banking solution also unveils new ACH and Ledger as-a-Service capabilities
SAN FRANCISCO–(BUSINESS WIRE)–Synctera, a new solution for partnership banking at scale, today announced partnership agreements with CheckAlt, the largest independent lockbox and electronic payments provider in the country, and Socure, the leader in 100% digital identity trust, to bring mobile remote deposit capture (MRDC) and identity verification capabilities to clients. Alongside the partnership news, Synctera is also announcing two new product offerings for its FinTech and community banking partners: ACH-as-a-Service, enabling community banks to execute ACH payment instructions on behalf of their FinTech partners, and Ledger-as-a-Service, allowing FinTechs to outsource ledger functionality to Synctera.
On the heels of the two provider partnerships as well as the new product offerings, Synctera has further cemented itself as a leader in the rising Banking-as-a-Service and embedded finance categories. The promise of automation is an enticing one: most FinTechs only have so many team-members dedicated to compliance, and without a technology partner, their time is often spent manually reviewing customer applications and profiles that need attention. Their community bank partner also reaps the benefits—not only with peace of mind but also the added visibility into their FinTech’s risk portfolio.
“KYC, ACH, Ledger—these are the frameworks that are most in demand from our first community banking and FinTech partners,” said Peter Hazlehurst, CEO and co-founder of Synctera. “Our vision since founding in early 2020 was to enable FinTechs to offer a wide range of banking products and services to their end customers. We’re excited to keep the momentum going with our new offerings and partnerships that have been pre-configured specifically for the needs of community banks.”
As a result of Synctera’s partnership with CheckAlt, Synctera will be able to help community banks simplify their stack while also offering a more streamlined go-to-market pipeline for FinTechs as well. In the current marketplace, FinTechs have to set up individual partnerships with MRDC providers and then build the tech into their infrastructure, which is not only time intensive and costly, but requires internal staffing and skills that startup FinTechs often don’t have. With this new CheckAlt partnership, Synctera’s FinTech clients will be able to get industry-standard MRDC directly from their banking partner and access the technology through Synctera APIs.
“Simply put: Community banks want to offer more to their FinTech partners,” said Shai Stern, Co-Chairman and CEO of CheckAlt. “Synctera is a great partnership for us because they’re easing the barrier of access to a lot of tech dev and programming that is essential in getting FinTechs and community bank partnerships up and running. We are looking forward to joining forces.”
Synctera also signed on Socure as an integrated partner for identity verification to help its community bank and FinTech clients, no matter the size, safely identify and onboard more customers without introducing friction. Socure’s Sigma Fraud Suite and Intelligent KYC solutions passively assess prospective customers online to achieve auto-approval rates of up to 94% while significantly reducing manual reviews, enabling FinTechs to offer a best-in-class user experience and onboarding as well as efficient growth at scale. The fraud suite and KYC products are part of Socure’s digital-first ID+ platform offered by Synctera that also includes physical document verification, a compliance suite, and modules for device, email, phone, and address risk.
“Synctera delivers a much-needed service by fostering mutually beneficial partnerships for community banks and FinTechs, along with streamlined integrations that accelerate time to market in a highly competitive environment,” said Evan Rabinowitz, Vice President of Business Development at Socure. “Our approach to identity verification is designed to drive the growth that makes partnership banking successful, and Socure is looking forward to powering Synctera’s new offering.”
This news comes just four months after Synctera’s launch and seed funding in December 2020, where it also debuted its first community bank and FinTech partners Coastal Community Bank and ONE Finance. In March 2021, Synctera also signed on four new team members to build out its leadership team, including its CCO and VP of Finance Kirsten Muetzel, who previously held positions at The Federal Reserve Banks of New York and San Francisco. Community partner banks and FinTechs are encouraged to reach out via Synctera’s website to learn more about how to work together. For more information, please visit www.synctera.com.
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Synctera is building a partnership banking marketplace connecting community banks with FinTech platforms. The platform reduces risk, ensures compliance and speeds launches to market for FinTechs and banks alike, Synctera creates meaningful connections between community banks seeking more customers and FinTech platforms that need a licensed partner to operate in the US. Launched in 2020, the company was co-founded by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, as well as CTO, Kris Hansen and Head of Product, Dominik Weisserth. For more information, please visit www.synctera.com.
In the past 10 years, CheckAlt has become the universal payment processing hub for hundreds of financial institutions across the country. As both bank agnostic and demographic agnostic, CheckAlt is uniquely positioned for payments convergence. It has been our focus to process check payments while also eliminating paper from the system with robust electronic payment APIs. CheckAlt’s solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. CheckAlt is headquartered in Los Angeles, Calif. For more information, visit www.CheckAlt.com.
Socure is the leader in digital identity verification technology for Day Zero and beyond. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, online gaming, telecom, healthcare, and eCommerce industries, including three top five banks, six top 10 card issuers, three top MSBs, multiple tier one payroll providers, the top credit bureau, and over 75 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash.
Socure recently received numerous industry awards and accolades including being named to “Forbes America’s Best Startup Employers 2021,” awarded “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, listed as a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” named to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.