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Get started with onboarding a FinTech

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Step 1: Matching

FinTechs opportunities are shared via email, with links to the FinTech’s due diligence documents, pricing and projections, and the FinTech pitch deck. Banks reply to the email accepting FinTechs and FinTech <> Bank matches are confirmed based on products supported, launch timeline, industry expertise, and capacity balancing.

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Step 2: FinTech Onboarding

Once a FinTech is matched with a Bank, the FinTech will begin the onboarding process with Synctera’s Implementation and Onboarding (I&O) Specialist. FinTechs will be diligently working on completing API integration, risk and compliance requirements, and any other additional work-streams depending on their business use-case.

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Step 3: FinTech Pre-Launch Activities

The FinTech I&O Specialist will be coordinator the following activities with the Bank’s BaaS Lead:
  • Reach out to coordinate a tri-party meeting between the Bank and FinTech to determine golive date and any outstanding questions
  • FinTech to present test app, completed risk & compliance items, marketing materials and any fraud or KYC/KYB rule modifications they’d like to pursue with the Bank
  • FinTech requests bank accounts to be opened for theBaaS program (ie. FBO, Settlement accounts, reserve, operations, etc)

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Step 4: Launch!

The FinTech will launch in the App Store(s) to either a subset of users (beta testing) or to all target customer base depending on the go-to-market strategy. The Bank will need to manage reconciliation of the FinTech moving forward.