Synctera Launches Card Issuing, Fraud Protection Services

Synctera, which works with partnership banking, has rolled out new programs for card issuing and fraud protection, according to Finextra. The programs are called Synctera Card and Synctera Fraud.

Synctera Card will allow FinTechs and sponsor banks to issue debit cards to customers and will let them process debit card transactions, the report stated. The feature will be set up to allow end-to-end matching with sponsor banks to quickly bring card products to market.

Finding a sponsor bank and starting a card issuing program has often been a time-consuming event, according to the report.

“As nearly every FinTech needs a debit card program, we knew that offering scalable card issuing and processing capabilities was a key milestone for us,” said Synctera CEO Peter Hazlehurst said in the report. “We continue to work with trusted, best-in-class partners as we build our platform, grow our marketplace and make it easy for banks and FinTechs to work together.”

With the updates, the card credentials and bank information no longer must be printed on the card, the report stated. This will let FinTechs more easily add new banking partners and not have to add new card plastic stipulations. It will cut down on operational burdens.

Meanwhile, Synctera Fraud will add real-time fraud and anti-money laundering (AML) monitoring for Synctera transactions, according to the report. That will come with customizable rules and case reviews. It will be driven by artificial intelligence (AI) and machine learning (ML).

In addition, the company is partnering with Finix to allow for more speedily disbursed funds.

In June, Synctera raised $33 million in a Series A funding round. That brought the company’s total valuation to $45.4 million. The company was first launched in 2020.

Read more: Banking Platform Synctera Raises $33M