Banking is one of the most profitable industries in the world, but it has long been monopolized by large corporations that don’t necessarily have the best interests of their customers at heart. Synapse Banking aims to change that by creating an open banking platform that anyone can use to offer financial products to their customers, whether you’re a giant bank or an online startup just getting started. If you want to learn more about this new technology and how it could impact your life and career, read on!
The Synapse Platform
To build its banking platform, Synapse Banking works with leading edge technology partners to develop sophisticated banking applications that its clients can use to offer services. Its founders say they’ve developed a system in which key technical details are abstracted from end users so that these financial products look and feel like applications for other online tools calendars or event ticketing systems. At a high level, Synapse is using cloud computing to make Burke and Herbert Online Banking more efficient and secure two qualities its founders believe are essential if more people are going to use electronic commerce. Synapse’s early backers include Steve Case and, which have recently invested in other companies developing financial products via social media or mobile devices.
Synapse uses a network of physical branches that offer face to face support. Clients have access to over 400 Synapse branches across North America and can offer automated and self service financial services via branch kiosks. Many of these products and services have previously been available only through traditional banks, but because it provides a web front end, the Synapse Banking technology platform has opened up these services to more customers. Customers who sign up for its checking accounts can also log into their account using a mobile app that syncs with their online profile on any device so they can check their bank balance or pay bills from anywhere. The app also offers capabilities so customers can find the nearest branch when they’re on the go.
The Benefits of Synapse Platform
Synapse provides a simple, affordable, and secure way for companies to offer financial products. The platform integrates directly with their existing enterprise systems, providing a quick and easy way to offer loyalty points, purchase protection plans, or simply split lunch checks. The open API will also let developers build further solutions based on Synapse Banking robust data management and reporting features. If you’re tired of using outdated banking platforms or wasting time navigating clunky personal finance tools, then it may be time to see what Synapse can do for your business.
Synapse is aiming to revolutionize today’s corporate offerings with an inexpensive solution that lets them enjoy significant benefits by removing unnecessary costs, improving efficiency, and delivering convenience for all types of applications. Such advantages Synapse Banking allow businesses to greatly expand upon their capabilities in many areas. One prime example is employee payroll where traditional approaches have not been able to deliver comprehensive solutions that would enable easier pay stub creation, smart insights, and more timely updates. With no such feature in place until now, many small businesses are now looking towards a new approach just like those offered by synapse banking.
Who’s Behind The Idea of Synapse?
Synapse is a platform created by California fintech startup Simple. The firm was acquired by BBVA in 2017, and its mission to democratize financial services remains intact as BBVA tries to leverage Simple’s software for its own banking needs. Although it may not be a household name, Simple is popular with millennials who are more comfortable doing their Synapse Banking online than over the counter although there are plenty of options for both. And at times, millennials have been critical of large financial institutions like banks that have taken advantage of them with steep fees on things like overdrafts and late payments that’s one reason why mobile apps like BankMobile have sprung up: They promise no hidden fees.
Synapse can be used by any company not just banks, but also insurance firms and consumer electronics companies. The company has plans to develop both mobile and web apps for consumers. And although it might seem odd for a financial institution to be built on top of an existing platform like Simple’s, Synapse Banking King says there are big advantages to doing things that way The benefits of a synapse are rooted in its ability to leverage Simple’s technical foundation, which was designed from day one with bank grade security in mind. We look forward to working with BBVA and their customers as we bring synapse out of beta testing and make it available broadly.