Synctera launches card issuance and fraud protection

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Synctera, which works with the partner bank, has rolled out new card issuance and fraud protection programs, 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 allow them to process debit card transactions, the report says. The functionality will be configured to allow end-to-end correspondence with sponsor banks in order to quickly bring card products to market.

Finding a sponsoring bank and launching a card issuance program often took a long time, according to the report.

“As almost every FinTech needs a debit card program, we knew that offering scalable card issuance and processing capabilities was a key step for us,” said Synctera CEO Peter Hazlehurst , in the report. “We continue to work with trusted and best-in-class partners as we build our platform, grow our market, and facilitate collaboration between banks and FinTechs. “

With the updates, card credentials and banking information no longer need to be printed on the card, the report says. This will make it easier for FinTechs to add new banking partners and not have to add new plastic stipulations for the cards. This will reduce operational costs.

Meanwhile, Synctera Fraud will add real-time fraud and anti-money laundering (AML) monitoring for Synctera transactions, according to the report. This 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 enable faster disbursement of 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: Synctera banking platform raises $ 33 million

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