​
SyncteraPay - Procedures

​
SyncteraPay Outbound: Third Party Provider is the Payment Originator

  • The FinTech is responsible for calling SyncteraPay APIS and provide accurate transaction information as needed for reporting, statements creation and transaction reconciliation.
  • The Third Party provider transaction can only be posted in the Synctera Ledger after the transaction passes OFAC checks, account status checks and fraud checks. The Synctera Platform performs these.
  • In order to originate SyncteraPay DEBITS or CREDITS in the Synctera platform Originator’s customer or the business need to be KYC’d and/or KYB’d
  • In order to originate SyncteraPay transfers the FinTech customer must enter the beneficiary name and account information account via the Synctera APIs.

​
SyncteraPay transaction validation and limit checks:

The Synctera platform runs a set of transaction validations each time the FinTech wants to initiate a SyncteraPay transaction.
  • Originator account status and customer status: The Synctera platform checks the originator account status, the account needs to be active to initiate an SyncteraPay transfer. Additionally we perform checks on the customer status or business status, only customers and/or businesses with a successful KYC or KYB can initiate ACH transactions.
  • Third Party Payments provider is verified: The Third Party Payments provider needs to pass a risk assessment and needs to ve marked as verified in the Synctera Platform for the FinTech to transact.
  • Originator transaction limit: As part of the FinTech Onboarding process, the bank and the Originator agree on a set of transaction limits, per transaction, per customer as an Originator overall for SyncteraPay. The Synctera platform checks the different limits at the time of transaction origination and determines whether that transaction can be originated within the limits or is declined due to exceeding the limits.
  • Originator account-specific limits: Additionally to the Bank and Originator agreed limits, The FinTech can decide to establish account specific limits for its customers that should be always lower than the ones agreed in between the originator and the Bank.
The Synctera platform checks the account-specific limits at the time of origination, if failed, the Originator receives a decline.
  • Receivers account validation (external account): In order to initiate ACH transfers the Originator needs to create the beneficiary name and account information via the Synctera platform APIs.
This information is used for reporting and fraud validation.
  • SyncteraPay transaction posted date and effective date: The Synctera platform assigns a transaction posted date and effective date based on the sponsor bank time and calendar.
  • Transaction fraud checks: The Synctera platform performs fraud checks using a fraud Engine. The fraud Engine used by the Synctera platform is Feedzai. Fraud rules are reviewed in detailed with the Bank at the time of FinTech Onboarding

​
SyncteraPay transaction data:

The Sponsor Bank requires FinTechs using SyncteraPay to provide Third Party Provider transaction data for statements, reporting and reconciliation. Each transaction type (i.e international remittance, check deposits, AFT. ect) requires a different set of data. Please contact your Synctera Implementation manager to validate the required data based on your FinTech use case.

​
SyncteraPay RETURN creation:

In exception scenarios the Third Party payments provider can fail to transfer funds to the end customer. In order to return funds to the FinTech customer (Originator) the FinTech will call the SyncteraPay Return API, that records a return transfer and references the original transfer.

​
SyncteraPay Dispute Origination and resolution:

The Originator’s customers can initiate Synctera Disputes a SyncteraPay transfer originated via a Third Party provider. The FinTech needs to collect the dispute information and is responsible for the Dispute Resolution.

​
SyncteraPay Settlement with Third Party Provider:

The FinTech is responsible for settling funds with the third party provider. Synctera has a Bulk transfers API that helps with this process. The Settlement operational process is to be performed by the FinTech.