Whether you’re a seasoned Banking-as-a-Service (BaaS) veteran or considering BaaS for the first time, our FinTech-as-a-Service platform provides the tools to streamline reconciliation, compliance risk and operations, while protecting your banking license. Explore what our platform can do for you.Contact sales
Our marketplace approach helps expand the supply of prospective banks to compete for your business, while our FinTech-as-a-Service platform allows you to choose the tools and services you need to minimize risk, remain compliant and increase operational efficiency.Contact sales
Our recently launched developer portal gives you access to easy-to-understand and use API documentation. If you want to get your hands dirty, there’s a sandbox for you to play in.Did somebody say sandbox?
Our flexible FinTech-as-a-Service platform securely integrates with key systems to support reconciliation, regulatory compliance and other operational processes related to your FinTech partnership program.Contact sales
Our story begins a few short years ago when a community bank decided to enter the BaaS market. Believing that financial products should be easy to access and simple to use, the bank collaborated with leading VCs to found us, Synctera, and our powerful platform.Contact sales
Traditionally the backbone of the U.S. banking system, community banks lean on their strong local presence and in-market relationships. But amidst the low interest rate environment, fierce competition and rising expectations in a digital world, you’re struggling to find your next growth play. Not only that, you’re also grappling with legacy system constraints, finite resources and a heavy regulatory burden.
The good news is community banks are well positioned to play in the FinTech space. With the right partners, your Banking-as-a-Service (BaaS) strategy creates a revenue opportunity without cannibalizing your existing business, while offering a compelling way to level the playing field with larger banks.
There’s also a large imbalance in the market today, with a plethora of fintechs that need access to a sponsor bank and too few sponsor banks ready to partner. We’re here to help change that.
Community banks face several roadblocks when partnering with FinTechs. You probably have limited resources available to support your FinTech partnerships. A lack of visibility into your partners’ day-to-day operations exposes your banking license to regulatory risk if controls are not operating as intended.
Back office constraints result in time-consuming, costly manual processes and complex technology integrations. And it takes considerable time to onboard your new FinTech partners.
When it comes to BaaS, community banks face complex, and at times confusing, supervisory expectations in areas such as consumer compliance, BSA/AML compliance, vendor management and cybersecurity risk management. Synctera’s industry risk experts, led by a former bank regulator, will be with you throughout the entire process. We’ll develop a deep understanding of your bank’s risk appetite and limits for your FinTech activities to align with your institution’s unique risk profile. In this way, Synctera serves as your second line of defense.
First Line of Defense
The Fintech is the risk taker
Risk taking is the day-to-day operations that have the inherent risk and pose incremental risk exposures to the regulated community bank
Second Line of Defense
Synctera provides risk oversight
Real-time, ongoing monitoring of risk exposures resulting from Fintech activites
Third Line of Defense
The Bank provides risk assurance
Periodic, targeted testing and validation of internal controls and their effectiveness at both the FinTech and Synctera
Coastal Community Bank (CCB) is a $1.77 billion community bank serving Washington state. As a new growth driver, its BaaS program enables digital providers to offer banking services. Growing its portfolio from two FinTech partners to 15 since 2015, CCB is working with Synctera to automate manual processes as it continues to scale the program.