Synctera Cards
Get ready for Synctera Debit Card
Please see the product description here.
Become a principal member of Mastercard
In order to issue debit cards, you will need to become a Mastercard Principal Member, which allows you to issue cards on behalf of FinTechs and to be an acquiring bank for merchants. For guidance on how to become a Mastercard Principal Member, see Exhibit D.Get and configure a new BIN(s)
After a Sponsor Bank becomes a principal member, the Bank will need to request BINs for Synctera Fintechs to use. Sponsor Banks will request the following BIN types:- MDJ - Consumer Debit
- MDB - Commercial Debit
Complete the Automated Parameter Worksheet (APW)
The Automated Parameter Worksheet (APW) is a spreadsheet that is used to set up and configure the BINs and cards. Below is the APW process:- Mastercard initiates the APW by sending out a draft APW to all parties.
- Marqeta completes one section of the worksheet.
- Synctera completes the Global Info Contract.
- All groups review and approve the APW and send it to Mastercard for submission.
PULSE Setup
The Durbin Amendment requires debit card issuers to enable a secondary unaffiliated network. This allows merchants a choice of networks over which debit card transactions can be routed. Synctera assists in setting up the Sponsor Bank’s debit cards to be routed over the PULSE network in order to fulfill this regulatory requirement. If the Sponsor Bank is already a part of the PULSE Network, the Bank will complete the PULSE Cardbase Form, Bulk Cardbase Form, and the Settlement Form, and submit the completed forms to Marqeta. If the Sponsor Bank is not a part of the PULSE Network, the Bank must sign a membership agreement, complete the forms outlined above, as well as submit a W9. Pulse will send two micro-deposits in order to ensure that the Bank can accept the transactions.Key Exchange
Key Exchange is a process in which Marqeta exchanges key credentials with Mastercard. This allows both parties to validate keys for EMV chip transactions, as well as Mag Stripe transactions. Synctera is not a part of the process, but we are mindful of the steps. The following outlines the process:- Marqeta submits Easy Path form to Mastercard, leveraging existing chip.
- Marqeta initiates Key Exchange with Mastercard KMS Team (Key Management Services).
- KMS Team to conduct plastic swipe test.
- The BIN Go Live Date can be scheduled after swipe test.
Accept BINs in Mastercard Connect
Once the BIN is available, the Sponsor Bank will need to accept the BIN in Mastercard Connect. Read additional details in “How to Accept Your BIN”.Synctera White Card Testing
Once Key Exchange has been completed, Synctera can begin testing on active BINs before FinTechs onboard and begin issuing cards to customers. Synctera will issue white cards and begin transacting to confirm that the BIN is working as expected, as well as making sure that reporting tools are set-up correctly. Examples of testing scenarios might include:- Prior to activating card, go to a store and attempt a purchase
- Attempt online purchase but insert an incorrect CVV
- Attempt to make purchases that exceed the daily limit
Tokenize your BIN
Consumers today leverage digital payments like Apple Pay, Google Pay, and Samsung Pay to facilitate their everyday card transactions. As such, the prevailing assumption is that every Fintech working with Synctera will want to enable this feature for their cardholders to increase usage and adoption. Synctera will work with Mastercard and Marqeta to fully tokenize the entire BIN for each Sponsor Bank. For requirements, see Exhibit E.Get ready for Quarterly Mastercard Reporting (QMR)
What is QMR?
Principal Members of Mastercard are mandated to submit Quarterly Mastercard Reporting (QMR) to Mastercard on the 15th of the month following quarter end (or on the last business day prior to the 15th if the 15th falls on a weekend and/or US holiday). The QMR includes data about cardholder activity (transactional), chargebacks, EMV volumes, etc. This data is required by Mastercard as Mastercard does not process around 30-50% of its volume, and does not have the card/account details, and other metrics required in the QMR. Mastercard uses this data to drive assessments, perform internal analysis, and for reporting Mastercard Quarterly Earnings. If the QMR is not submitted in time or is submitted with erroneous or incomplete data, Mastercard may impose on the bank a noncompliance assessment and add penalty and interest to the assessment amount. (See Mastercard Rules for more details.)
How do I get set up to perform QMR for my bank?
To get set up for QMR, you must:- Create a Mastercard Connect account, which is where you can access the QMR tool.
- Provide Synctera with a contact person at your bank to whom Synctera can send the input files. Synctera will need the contact information for the person in charge of the QMR process in order to customize the input files.
- Receive some training from Synctera I&O on how to complete your QMR each quarter.
How do I perform QMR?
Synctera helps you perform QMR by providing you with two CSV files (a cover page and a data file) no later than the second business day of the month following quarter end. The files are sent to you via an email with a link to a Metabase dashboard.- You review the CSV files according to your own processes.
- You log into the QMR Direct tool, which is easily accessed through Mastercard Connect.
- You use the “Import” function to import the CSV files.
Synctera Debit Cards FAQ
What is the difference between Mastercard Affiliate and Principal Membership?
| Mastercard Principal | Mastercard Affiliate |
|---|---|
| Owns the ICAs and BINs Issues cards directly and sponsors Affiliates Liable for all activity on their BINs Direct relationship with Mastercard | Sponsored by Mastercard Principal Sponsored under one ICA Access to BINs owned by Principal Indirect relationship with Mastercard |