Instant push to card

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 SyncteraInstant 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 (requires FinTech to have an MSB license)
• 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

Processor limits:

*As part of the program application to the processor, FinTech must provide both the average and max transaction amounts, as well as the expected daily total/aggregate amount. These amounts will be setup as limits on the processor side, which means any transaction exceeding those limits will get declined by the processor.

The daily aggregate limits responds to the amount that needs to be pre-funded on the account 

3 day float ... 

When/how to increase - make sure this is done in time to not interrupt your program (take into consideration the turn-around time at the processor)

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.