Synctera, renowned for fostering robust partnerships between fintech companies and sponsor banks, has announced the launch of its innovative ‘Bring Your Own Bank’ (BYOB) model. This new offering allows companies to utilize the Synctera Platform while partnering with any bank of their choice, enhancing flexibility and catering to unique business needs.
Synctera’s foundational principle is that successful partnerships between fintech innovators and sponsor banks drive long-term success. The Synctera Platform and its marketplace have been pivotal in matching fintech companies with the right banking partners, providing comprehensive infrastructure to build, manage, and oversee banking programs.
The marketplace’s growth has seen a variety of use cases and banks with differing risk appetites, but the core requirement remains consistent: a technology platform that ensures profitable, safe, and compliant collaboration. The demand for a complete tech stack coupled with the flexibility to choose any sponsor bank has led to the development of the BYOB model.
The BYOB model allows Synctera’s customers to leverage the platform’s robust capabilities while maintaining relationships with banks outside Synctera’s network. This flexibility has been integrated without significant changes, thanks to the platform’s inherent adaptability.
For sponsor banks partnering with BYOB clients, the Synctera Platform ensures the banking products are built with compliance-forward infrastructure, sound accounting principles, and a comprehensive reconciliation engine.
Beacon, a platform aiding immigrants moving to Canada, is Synctera’s first BYOB client. Beacon enables its customers to open accounts and set up cards before arriving in Canada, providing them with essential financial tools and resources.
“In order to move quickly, we needed a tech stack that provides the infrastructure to build and manage our product. With the Synctera Platform, we now have all the components necessary to build a great product and a suite of tools to manage operations and compliance as we scale,” said Stuart Szabo, CEO and Co-Founder of Beacon.
The BYOB model is ideal for clients needing a complete platform for building and managing banking products while wanting to partner with a bank that meets their specific needs or prior relationships. Synctera also offers a fully-managed service and a hybrid offering to support customers and banks with additional program management services.