- 10 Feb 2023
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Instant push to card
- Updated on 10 Feb 2023
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Synctera Instant Push to Card
Allow your customers to push money from their accounts to any card in real time
Synctera offers Instant Push to Card as an alternative to other payment methods in your payment strategy. This is a convenient method that operates through existing card networks (Visa Direct and Mastercard MoneySend) to speed up funds delivery. This method offers 24/7/365 availability and allows customers to do an instant ‘push’ of funds from their account to any payment card.
Benefits
Adding Synctera Instant Push to Card to your payment stack enables you to:
- Increase conversions: Make your financial product or FinTech app more attractive to potential customers with immediate access to funds
- Increase stickiness: Get customers using your product soon after signing up
- Increase customer satisfaction: Deliver real-time, convenient payment experiences to support growing customer demand
Use cases
- P2P transfers
- Payroll direct deposits to facilitate instant earning access
- Funds disbursements, e.g. to enable fulfillment of insurance claims or tax refunds
- Instant bill payments
Considerations
Eligibility and supported scenarios
Current support:
- Domestic transfers with Visa/Mastercard debit cards that are enabled for instant transfer services, which includes most debit cards
- Commercial and consumer debit cards
Future support:
- Cross-border transfers
- Transfers with credit cards
Cost/pricing
- Because you act as a merchant, you pay network fees
- Network fees are billed monthly
- You can add a markup / convenience fee for your customers
- Contact Synctera for detailed pricing
Limits
Network limits:
*Can go up to $50,000 based on the use case
Risk management
With correct measures in place, instant push to card transactions are relatively secure. The following fraud prevention mechanism are utilized at different points in the instant transfer lifecycle to reduce fraud:
During onboarding:
- KYC/KYB on account holder (sender)
During linking of external card:
- Tokenization of card
- Address Verification Service (AVS) to verify cardholder address (address on card matches address on file)
- Cardholder name check (name on card matches name on file)
- For use cases where sender and recipient are different (me-to-you) - for increased account security and recipient authentication, we suggest that you add the following to your app/functionality:
- Recipient login/password to your app to provide card credentials
- Two-factor or multi-factor authentication, for example using text or email address on file, for recipient to authenticate before the push to card transaction is processed merchant before disbursement is processed.
During initiation of instant transfer:
- Check that customer (sender) and account are in good standing
- Limit checks
- Check fraud rules
- OFAC check
- Eligibility check
Ongoing:
- Monitoring of account and transaction activity
- Anti-Money Laundering (AML) program
Chargebacks
- Not relevant as push to card transactions are considered final
Flow of funds
Prerequisites:
- FinTech customer (sender) has been onboarded on the Synctera platform and passed KYC/KYB
- Recipient has successfully added/linked their external card
How to get started
For a summary of what you need to do to get set up with Synctera Instant Push to Card, see the FinTech Launch Checklist.