Managing Synctera MRDC

Overview

Once the FinTech's end-users begin depositing checks via MRDC, the FinTech, the Sponsor Bank, and Synctera will work together to keep the program running. The main responsibilities of the bank are explained in the following sections.

Deposit Initiation and Processing

1. FinTech end-customer deposits a check via the FinTech app using the Synctera RDC API.
2. Synctera to check the transaction for fraud. 
3. If the transaction is not flagged as fraudulent, send the check image to CheckAlt.
4. CheckAlt to create the ICL file and Report File and drop it in the SFTP.
5. Synctera to send the ICL file to the Sponsor Bank using the SFTP.
6. The Sponsor Bank to present the ICL file to the Fed.
7. The Sponsor Bank to receive the deposited funds from the Fed.
8. The Sponsor Bank to reconcile the deposited funds and allocate the funds to the appropriate FinTech FBO.

Roles & Responsibilities