‍

Helping customers and bank partners better manage risk and compliance requirements 

Program Ongoing Monitoring for Banks

For each program a sponsor bank onboards, they will need to monitor the program throughout the entire lifecycle. This includes routinely reviewing the health of the business, key risk and compliance metrics, and staying up-to-date with any product changes.

With the Synctera Platform’s new Ongoing Monitoring feature, our sponsor bank partners are able to keep all of the information and documentation required for ongoing due diligence centralized within the Console. 

Additionally, they can create workflows to automate the process of requesting and gathering this documentation from their programs. This ensures they always have the most up to date information and complete traceability of monitoring activities. 

‍

‍

KYC enhancements for international end users

The KYC process and the specific documents required differs depending on which country the end user is located in. As some of our customers have end users in various countries around the world, we’ve made improvements to our KYC API to make it more flexible and adaptable to the various KYC requirements of international end users. 

When a new end user is onboarding, the Synctera Platform automatically detects whether they are an international or domestic end user and, based on that decision, takes them through a tailored KYC process. 

With this change, there is now less manual involvement from our customers' compliance teams, helping to streamline operations while still maintaining strict compliance standards. 

‍

Improving our payments functionality to add value for end users and payments operations teams

Cash order authorizations

The Synctera Platform now supports authorizations via API or through the Console for cash orders. Some small-business end users conduct many of their transactions with cash, requiring a cash pick up service to deposit cash into their account.

With this new feature, when a business deposits cash into their account using a cash pick up service, the Synctera Platform automatically ingests the cash deposit file and updates the business’ account balance accordingly.   

‍

Enhancing our reconciliation product for greater automation

Improvements to auto-reconciliation for card transactions

With the Synctera Platform, the vast majority of end user transactions are automatically reconciled between systems, reducing manual effort. To maximize the number of transactions that are auto-reconciled we have updated the way card transactions dates are stored in the Synctera Ledger. With this change, the Synctera Platform will be able to match transactions based on the network settlement date of the transaction, increasing the number of overall transactions that are auto-reconciled. 

‍

Further automating the reconciliation process for wire transactions

Specific wire transactions are not automatically processed, instead they are held in suspense, with processing done based on a manual decision. Synctera’s reconciliation engine will now automatically ingest the wire file as soon as the manual decision is taken, automating more of the overall reconciliation process.

‍