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Increasing card transaction acceptance and improving the end-user experience

Synctera Address Verification Service

Synctera Address Verification Service (AVS) enables end-users to use multiple addresses as part of the card transaction authorization process. In the past, a single address was used for AVS, which caused friction for end-users that have multiple addresses, such as when an end-user onboards for their corporate card using their home address, but the card is registered with their company’s address for billing purposes. 

We’ve seen that 22% of declines are due to AVS mismatch.

With the addition of Synctera AVS, customers should expect increased transaction acceptance and an improved user experience, leading to less friction and declines, especially for online and other card-not-present transactions.

Synctera AVS is enabled for all customers and end-user addresses can be stored within their profile.

You can read more about AVS in our guides.

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Additions to the Synctera Console for greater oversight

International Wire Identification

When international wires are used to receive funds from abroad, they typically flow through correspondent banks based in the US. This means that the funds from abroad will land at the correspondent bank and then be transferred to our partner banks via domestic wire. 

The Synctera Platform can now automatically detect if a domestic wire is the result of an international wire through a correspondent bank. This ensures that both banks and their partner programs have proper oversight of international transactions.

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Outgoing Wire Review

Banks can now easily review a list of outgoing wires as well as the associated files to ensure accuracy. The new tab makes it easy to validate that the actual wire file details match the information provided by the end-user. Additionally, banks can decide to take several actions on the wires, such as releasing the wire early or rejecting the wire. 

Bringing automation to negative balance management

There are several instances where an end-user’s account might go into a negative balance, such as:

• When the settlement amount of a transaction is greater than the authorized amount
• There’s a timing issue and the effective date of a transaction is greater than the posted date of the transaction
• Fraud (e.g. a customer pulls funds, spends the pulled funds, and then initiates a return with their external bank, resulting in a negative balance)

To better address the quick resolution of negative balances, we’ve made improvements to the Synctera Platform to automate money movement if an end-user’s account balance goes below $0 for a pre-determined amount of time. After the specified time, funds will automatically be pulled from the FinTech’s Operating Account and, if the end-user doesn’t add to their account balance, then the funds will be used to write off the end-user’s balance. This allows operations teams to not rely on manual processes and ensure that recognized losses are accounted for.