This month, we rolled out several key updates designed to bring new efficiencies to our customers’ and bank partners’ operations. These updates include:

• Auto-generated 1099-INT tax forms
• Automated notifications for accounts with a negative balance
• Improvements to user access management in the Synctera Console

While this update doesn’t cover everything we’ve released, it highlights some of the most impactful updates we’ve made this month. Let’s dive in!

‍

Auto-generated 1099-INT tax forms

For end-users that earn interest on the balance held in their accounts, a 1099-INT form must be issued so this income can be reported when the end-user files their taxes. 

The Synctera Platform makes this process easy for our customers and bank partners by automatically calculating the interest earned and generating a PDF-formatted 1099-INT document to be sent to the end-user. Additionally, the 1099-INT form is automatically filed with the IRS on behalf of Synctera’s bank partners. 

The tax document is made available in the Synctera Console within each end-user’s profile. Synctera’s customers can then choose how they best want to notify and surface this document to their end-users to make sure they have it for their own tax preparation.

‍

Automated notifications for accounts with a negative balance

There are a variety of reasons that an end-user’s account may end up with a negative balance, including fraud scenarios, returns, among others. Once an account has a negative balance it should be monitored to ensure the end-user pays back the balance they owe. However, sometimes the account is never made whole.

When this occurs, the amount of the negative balance must be written off and the account needs to be closed. 

We recently launched an automated notification process that alerts our customers of an account with a negative balance, giving them the ability to easily monitor the account and close it, if necessary. When an account goes into a negative balance a Balance Monitoring Case is created within the Synctera Console. Synctera’s customers can then follow up with the end-user, monitor the account, and take action if necessary. 

‍

Enhancing user access management in the Synctera Console

To help thwart unauthorized access or use of sensitive data, it’s important to have a robust user access management process. This past month we’ve made multiple improvements within the Synctera Console to give our customers and bank partners better visibility and control over their internal users. 

These improvements include:

• A new “Last Login” column in the User Management dashboard to help admins monitor user activity and identify inactive accounts more easily.
• To strengthen security, users will now be prompted to reset their password every 90 days. Users will receive a reminder email at 75 days notifying them of the upcoming password reset and a follow-up notification on day 90 when it is time to reset their password.