SAN FRANCISCO, CA – August 2, 2022 – Synctera, a leading FinTech platform helping innovators bring financial products to market more efficiently, has launched Ground Control, an end-to-end banking and compliance operational support program for developers and builders of financial products. Ground Control is a complimentary service that helps Synctera’s customers with operational support they need to ensure banking and financial compliance obligations are met while they are launching, scaling, and building in-house teams.
With Ground Control, qualifying FinTech builders can elect to have key compliance tasks managed by Synctera, including ones related to Know Your Customer (KYC), Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations, fraud, and customer disputes. Everything is managed in Synctera Cases, an automated communication system providing transparency to the FinTech builder and to its bank partner.
“Ground Control is our latest solution to common challenges that FinTech builders face, all with the goal of empowering more efficient product development and shortening the time to market,” said Dominik Weisserth, Head of Product and co-founder at Synctera. “Ground Control yields a better outcome for FinTech builders by offering them the leverage to build a long-term compliance solution thoughtfully. The added support also affords peace of mind to bank partners, who need to meet regulatory and compliance requirements.”
“There are so many opportunities for error when setting up onboarding and transaction monitoring for a new financial product,” added Sarah Mirsky-Terranova, Chief Compliance Officer at Synctera. “The added support from Ground Control empowers developers and entrepreneurs to go to market knowing that those back-end compliance needs are being met while they build out larger teams of their own to bring the services in-house. The initial support also offers the FinTech builder the opportunity to establish the compliance procedures and team that will meet its needs and the requirements of its bank partner.”
Ground Control is supported by high-quality banking and compliance operations providers, including partners like MinervaAI – an enhanced due-diligence platform that helps companies get improved risk assessment on user profiles in dynamic, fast-moving environments – and Ubiquity – the leading business process outsourcing provider for highly complex verticals such as FinTech and crypto, healthcare, and e-commerce.
"We wanted to make compliance with financial crime regulatory requirements fast, affordable, and efficient so every organization can demonstrate it's doing what it must to keep dirty money out of their business,” said Jennifer Arnold, CEO and co-founder of MinervaAI. “MinervaAI's real-time risk assessment means we can keep bad actors out by stopping them from entering the ecosystem in the first place, and we’re excited to partner with Synctera to ensure startups and enterprises alike have the best tools to fight financial crime."
“As neobanks continue to innovate and offer new value propositions, the risks posed by financial crimes have never been higher,” said Corey Besaw, President of Banking Operations and co-founder of Ubiquity. “Programs like Ground Control are instrumental in maintaining high compliance rates, but they are even more powerful when combined with dispute and chargeback management that’s also compliant, customer-friendly, and protective against undue losses. The most successful neobanks anticipate and prepare for the challenges of balancing security, compliance, and seamless customer service as they grow.
Ground Control is a free program available to qualified FinTech builders that build and launch financial products on the Synctera platform.
Launched in 2020, Synctera is powering the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders create world-class products with embedded banking, card issuance, and more. Synctera’s unique programs enable transparent, efficient partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a fully fledged offering. Everyone wins - FinTech builders create, launch, and scale great products, fast, and community banks access new revenue streams and markets.
Founded by AML industry experts, MinervaAI is a regtech platform powered by deep learning and automation to satisfy AML regulatory requirements based on the customers' risk appetite. Customers use the platform both for end-to-end AML risk management and to fill gaps in their current AML tech stack. Regulatory use cases include; Onboarding (watchlist screening, KYC, KYB, due diligence), Risk scoring, Enhanced due diligence, Investigations, Beneficial ownership and Continuous monitoring
Ubiquity’s Relationship-based Outsourcing pioneers next-gen CX, changing how brands interact with customers in an omnichannel world. Our teams of dedicated problem-solvers combine deep industry knowledge with an agile methodology to understand how customer experience supports a brand’s objectives and devise plans to accelerate toward them. Ubiquity provides multilingual, end-to-end solutions across industries, including customer experience management services, interactive voice response (IVR) and AI-enabled technologies, and Banking Operations support, incorporating fraud investigation, ID verification, and dispute and chargeback management.