Account management

Synctera Ledger

Our proprietary, flexible ledger serves as the operating infrastructure and single source of truth for your customer, account, and transaction data

As the single source of truth, a ledger is a fundamental component of the technology stack for your bank-supported financial product or FinTech app. Most banks and FinTechs manage their accounting processes on inflexible banking systems or basic accounting programs—or they may not have a ledger at all. As a result, related processes like reconciliation can be highly manual and time-consuming. Building a ledger from scratch is complex and can take upwards of a year to complete, while out-of-the-box solutions can be expensive and may require customization.

Designed specifically to for bank-supported financial products or FinTech apps, Synctera Ledger is a reliable, flexible, cost- effective alternative, serving as the operating infrastructure and book of record for customer, account, and transaction data.

Benefits

No core integration required: Our lightweight platform removes the complexity and costs associated with integrating into the bank’s core system

Complete transparency: You and your bank partner can gain real-time visibility into your transactions and track the performance of the product(s) they are supporting

Easy reconciliation: Access transaction information and automate workflows to simplify daily reconciliation processes

Cost-effective: Compared to other options in the market, we offer the enterprise-grade capabilities that you need at an attractive price point

Accelerate time to market: Get up and running quickly with easy API integration and system configuration

Ensure the health of your business: Track your P&L and account balances to better understand and report on your current position

Streamline operations: Enable onboarding, support, and operations teams with the data they need to solve issues, serve customers, and reduce manual processes

Flexible: Build your user interface flow without having to worry about back-end system orchestration

Key features

Account creation: Open customer accounts using a template, including valid account and routing numbers that are recognized by other banks and networks

FinTech ledger positions: Track, display, and post balances across the lead ledger, sub-ledger, and general ledger

Statements: Provide required data to generate account statements

Partner maintenance: Define and maintain the relationship with your partner bank, including account setup

Transaction types: Define transaction types to be posted against the ledger account, including ACH, P2P, internal transfers, and card transactions

Overdraft limits: Define, assign and track overdraft limits at the customer or account level

Fees and pricing: Charge fees and calculate interest

Virtual accounts: Create virtual accounts to support various use cases, such as budgeting

Alerts: Configure customer notifications for a range of ledger-related activities

Product templates: Define and configure the features and constraints of a base product

Account lifecycle management: Change, freeze, and close customer accounts, as required

Account balances: Track debits and credits and calculate account balances

Operational account management: Manage your operational account details

Reporting: Track product health and other key operational metrics

Always-on data: Engage in real-time with no batch windows, including next-day analytics and AML transaction monitoring

Synctera Transaction Data Enhancement

Cleanse and enrich transaction data to give you and your customers better understanding and insights

Raw transaction data - such as merchant data for card transactions - is often incomplete and hard to understand. Synctera Transaction Data Enhancement cleanses and enriches financial transaction data to help your customers better understand and manage their spending. It also allows you to glean more customer insights from transaction data. 

Benefits

Enhance customer experience: Provide detailed, easy to understand transaction data to your customers so that they can quickly see what they purchased, when, and from where. Use classification categories to deliver relevant insights to your customers and power tools that allow them to better assess and manage their spending.

Gain customer insights: Get a clear view of your customer's financial behaviors, and learn where and how they spend and manage their finances.

Inform marketing strategy: Develop accurate customer segments and profiles, identify new areas of investment, and engage customers with relevant products and services.

Key features

• Supplements data from your card processor
• Uses machine learning technologies and thousands of custom rules to clean and categorize transaction data, translating transactions and assigning relevant merchant data such as logos and location