Partnership banking platform Synctera has unveiled an update to its Liftoff program, which the company says will help FinTech builders land bank partnership and launch products faster.
“Early-stage FinTechs … often run into the ‘FinTech Builder Challenge’ — builders need a bank partner to power banking and account services, but finding a partner is a time-consuming process with complicated tasks around contracting, due diligence, compliance, and implementation,” Synctera said in a news release Tuesday (Feb. 16).
According to the release, Liftoff fixes this issue by giving FinTechs a faster path to market without the need for contractual obligations or the due diligence overhead that comes with bespoke banking partnerships, and helps them connect with community banks.
Synctera says FinTechs that use Liftoff will sign an agreement that bypasses the need for “a potentially monthslong matching and due diligence process that has been the industry norm for direct bank partnerships.”
The program details pricing, policies and qualification criteria that lets sponsor banks approve and and onboard new FinTech programs whiles till adhering to risk criteria.
Since launching Liftoff last month, Synctera has signed up six FinTechs to the program, including Uconomy, Kubbi, GradientFI and Timechain.
The update to Liftoff comes two days after Synctera announced a launch between Lineage Bank and GoGetr, the first such arrangement employing the company’s capabilities.
Read more: Synctera Launches Card Issuing, Fraud Protection Services
Synctera’s Bank Match program provides the platform, experiences and programs that help FinTech builders create new products and facilitate partnerships between themselves and community banks.
Lineage Bank, a community bank based Franklin, Tennessee, says it plans to enhance its technology offerings for local businesses and customers, while GoGetr’s will use the service to enhance it savings app, which the company says brings health and wealth together.
Liftoff’s launch follows last year’s rollout of Synctera Card, which lets FinTechs and sponsor banks issue debit cards to customers, and Synctera Fraud, which adds real-time fraud and anti-money laundering (AML) monitoring for Synctera transactions.
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