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Helping customers and bank partners better manage risk and streamline operations by adding new features to the Synctera Console

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Customer Risk Rating (CRR) now includes both businesses and consumers

Last month we announced the release of our Customer Risk Rating (CRR) feature which provides our bank partners with a quick way to assess end user risk for AML purposes. While initially this feature only covered consumer end users, it now covers both businesses and consumers. The risk rating is calculated automatically based on a combination of data points gathered during the onboarding process and is visible for each end user within the Synctera Console. Bank partners can also see exactly how these ratings were calculated, providing them with added granularity.

Additionally, CRR is now included in reporting via Synctera Insights. With this, our bank partners can easily get a snapshot of the risk profile of each individual program, enabling them to efficiently conduct oversight and maintain a compliant AML program. 

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Card art files centralized in the Synctera Console

For all of Synctera’s customers with a card product, it’s required that they create and submit their card art files for approval from their card manufacturer and network (i.e. Visa or Mastercard). Some customers may have multiple card art iterations depending on end user segments. Our customers are now able to use the Synctera Console to upload and store their card art, providing a central source of truth. This eliminates the mistake of using outdated copies and gives them the ability to set permissions for who can view and edit the card art files. 

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Enhancing Synctera Insights to give customers and bank partners more control and granularity with their end users’ data

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Reporting on Company Structure now available in Synctera Insights

To help our bank partners better understand the profile of their business end users, they are now able to generate reports that break down the company structure of these businesses. Examples of a company structure include LLC’s, S-Corps, etc. If you are a Synctera customer or bank partner you can view an example of this report using this link.

Understanding the makeup of business types enables our bank partners to perform more tailored compliance oversight and better assess risk. 

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Daily transaction data enhancements for Secure File Delivery (SFD)

For banks and customers that receive their end users’ daily transaction data via Secure File Delivery (SFD), we have made enhancements that lead to streamlined data management and faster processing times. 

The files that contain the transaction data can now be condensed to show just yesterday’s data, rather than the complete history. This provides our customers and bank partners’ data teams with more accessible data and improves the greatly ingestion process with faster processing times.