CheckAlt has partnered with banking technology provider Synctera to offer mobile remote deposit capture (mRDC) to community banks serving FinTechs, the company announced Tuesday (April 13) in a press release emailed to PYMNTS.
“Our vision since founding in early 2020 was to enable FinTechs to offer a wide range of banking products and services to their end customers,” said Synctera Co-Founder and CEO Peter Hazlehurst in the release. “We’re excited to keep the momentum going with our new offerings and partnerships that have been pre-configured specifically for the needs of community banks.”
In the past, for FinTechs to access mRDC, they had to form a partnership with a provider and integrate them into their infrastructure, which costs time and money, according to the release. Through CheckAlt, which provides lockbox and electronic payment processing to financial institutions (FIs), Synctera’s clients can get access to mRDC that meets industry standards directly from their banking partner. The technology runs through Synctera’s application programming interfaces (APIs).
“Simply put: Community banks want to offer more to their FinTech partners,” said CheckAlt Co-Chairman and CEO Shai Stern in the release. “Synctera is a great partnership for us because they’re easing the barrier of access to a lot of tech dev and programming that is essential in getting FinTechs and community bank partnerships up and running.”
Synctera’s platform helps banks digitize so that they can reach FinTechs, and it helps FinTechs approach the legal and compliance challenges surrounding many financial services, Hazlehurst told PYMNTS in December.
“We’re working with community banks that previously either hadn’t been able to participate in the FinTech revolution or are doing it, but aren’t doing it as efficiently as they would like,” Hazlehurst said. “We’re helping them build all of the things they would need to do to run effective FinTech programs.”