Credit Hub

Credit Hub from Synapse is a platform that allows you to open various types of credit accounts for individuals or businesses with the ease of an API call.
Our mission is to ensure that everyone has access to high-quality financial services.

So it doesn't matter if your customers are underbanked and recently immigrated, high net-worth investors, or small/medium/large business owners. With Credit Hub, you can onboard customers from all walks of life.

Use Case

Issue one time loans to your customers to enable online or in-person shopping. Either disburse the loan via a card issued by you or in an external account via ACH or Push to Card.

Use Case

Enable customers to enjoy flexible credit limits based on the cash at hand, spend on a credit BIN for cash back rewards or to build credit.

Use Case

Issue one-time or revolving loans to enable your customers to build credit.

Use Case

Issue secured or unsecured revolving loan and a card to unlock a traditional credit card experience for your customers.

Credit Hub Account Types

Open Credit Account

Open Credit Accounts have flexible credit limits which are tied to the funds the user is holding in their deposit account. This account type is ideal for building a neo banking platform on a credit BIN for higher interchange or for charge cards.

Revolving Credit Account

The Revolving Credit Account limit is determined at the time of creating the credit account and is backed by funds in the user’s reserve account for secured credit cards, or not, in case of unsecured credit cards.

One-Time Credit Account

This Credit account is meant for one-time use only. Ideal for POS financing or cash advance products.

Payroll Cash Advance Account

This account is meant for payroll-based cash advances. Ideal for overdraft protection type products built on top of Deposit Hub or external bank accounts.

Benefits

Speed to Market

With Synapse, you get a modern Core and Risk platform all packed in easy-to-use APIs, enabling you to go to market in 6-8 weeks.

Feature Rich

Synapse provides a rich stack that enables you to provide a full stack of payment instruments (ACH, Checks, Wires, Bill Pay, Card Processing), an easy-to-use KYC Suite, Built-in multiple bank partnerships, and much more.

Easy to Use

Our public RESTful APIs and SDKs make it easy for you to deploy customized financial products in minutes, not weeks, or months.

White-Labeled

Use our APIs and SDKs to access all of the features and capabilities so your brand is highly differentiated.

Bank Portable

We have multiple bank partnerships built into the platform so you’re never reliant on just one bank partner as you scale.

Revenue Driver

Drive revenue via APR and/or card usage (interchange) from day one of going live.

All-in-One Customizable Solution

Use our built-in KYC and Customer Support features, or bring your own. We’ve built a platform that allows you to get to market quickly with a wide breadth of functionality. You choose what you want to own and what you want us to do for you.

Key Features of Credit Hub

ACH

Process same day or next day ACH transactions in and out of accounts for disbursement or repayment.

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Card Processing

Instantly repay account balances with any debit, prepaid, or credit card and/or instantly cash out into any debit or prepaid card for faster cash access.

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Card Issuance

Instantly issue card numbers on top of credit accounts, then load them into any mobile wallet of choice and/or ship a physical card with various shipping and card styling options, including metal.

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Cash Access

Enable your customers to deposit or access cash in their deposit accounts via ATMs and popular convenience stores like 7-Eleven and Walgreens.

Bill Pay

Enable your customers to pay bills to thousands of vendors through our RPPS Integration.

Check Issuance

Issue checks out of credit accounts for traditional bill payments.

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Remote Deposit Capture

Deposit third-party checks into credit accounts via our Remote Deposit Check feature for repayment.

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Daily Interest Accrual for End-Users

We manage all interest accrual for you and all the accrued interest is dispersed as a rebate every month.

Credit Building

Enable your individual or business customers to build credit.

Auto-Pay

Enable auto-pay for ease of repayment without the need to manage payment installments.

Flexible Security Options

Secure loans via customer deposits or your balance sheet or via a debt facility through our partners or your own debt providers.

Webhooks

Use our Webhooks infrastructure to stay up-to-date with any updates that happen to your user accounts.

Go live in 4-8 weeks

How it Works

Your Infrastructure
Integration Layer & Customer Digital Channels
Synapse Infrastructure
Core Banking
Payments Rails
Risk Infrastructure
Local Bank Infrastructure
Visa / Mastercard
Fed
ATMs / Cash Network
SWIFT

Creating a Credit Hub is as simple as following these two steps:

POST /v3.1/users HTTP/1.1
Host: https://uat-api.synapsefi.com
X-SP-GATEWAY: client_id_xxx|client_secret_xxx
X-SP-USER-IP: ip_address
X-SP-USER: |fp_xxx
Content-Type: application/json

{
 
 "documents":[{
       "email":"test@test.com",
       
       "virtual_docs":[{
           "document_type":"TIN",
           
       }],
       "physical_docs":[{
           "document_type": "GOVT_ID",
           
       }],
       "social_docs":[{
           "document_type": "MAILING_ADDRESS",
           
       }]
   }]
}

curl --location --request POST 'https://uat-api.synapsefi.com/v3.1/users' \
--header 'X-SP-GATEWAY: client_id_2bb1e412edd311e6bd04e285d6015267|client_secret_6zZVr8biuqGkyo9IxMO5jY2QlSp0nmD4EBAgKcJW' \
--header 'X-SP-USER-IP: 255.127.79.76' \
--header 'X-SP-USER: |e83cf6ddcf778e37bfe3d48fc78a6502062fc' \
--header 'Content-Type: application/json' \
--data-raw ' {
 "logins": [
   {
     "email": "test@synapsepay.com",
     "password":"TestTest123$"
   }
 ],
 "phone_numbers": [
   "901.111.1111"
 ],
 "legal_names": [
   "Test User"
 ],
 "documents":[{
       "email":"test@test.com",
       "phone_number":"901.111.1111",
       "ip":"::1",
       "name":"Test User",
       "alias":"Test",
       "entity_type":"M",
       "entity_scope":"Arts & Entertainment",
       "day":2,
       "month":5,
       "year":1989,
       "address_street":"1 Market St.",
       "address_city":"SF",
       "address_subdivision":"CA",
       "address_postal_code":"94105",
       "address_country_code":"US",
       "virtual_docs":[{
           "document_value":"2222",
           "document_type":"TIN",
           "meta":{
               "country_code":"US"
           }
       }],
       "physical_docs":[{
           "document_value": "data:image/gif;base64,SUQs==",
           "document_type": "GOVT_ID",
           "meta":{
               "country_code":"US",
               "state_code":"CA"
           }
       },
       {
           "document_value": "data:image/gif;base64,SUQs==",
           "document_type": "GOVT_ID_BACK",
           "meta":{
               "country_code":"US",
               "state_code":"CA"
           }
       }],
       "social_docs":[{
           "document_value": "101 2nd St. STE 1500 SF CA US 94105",
           "document_type": "MAILING_ADDRESS",
           "meta":{
               "address_street":"101 2nd St STE 1500",
               "address_city":"SF",
               "address_subdivision":"CA",
               "address_postal_code":"94105",
               "address_country_code":"US",
               "address_care_of":"Some User"
           }
       }]
   }],
 "extra": {
   "supp_id": "122eddfgbeafrfvbbb",
   "cip_tag":1,
   "is_business": false
 }
}'

POST /v3.1/users/user_id/nodes HTTP/1.1
Host: uat-api.synapsefi.com
X-SP-USER-IP: ip_address
X-SP-USER: oauth_xxx|fp_xxx
Content-Type: application/json

{
   "type": "LOAN-US",
   "info": {
       "loan_type": "OPEN",
       "nickname": "My Loan",
       "interest": {
           "apr": 10,
           "cap": 5
       },
       "document_id": "user_doc_id",
       "reserve_node_id": "node_id",
       "schedule":"MONTHLY"
   }
}

curl --location --request POST 'https://uat-api.synapsefi.com/v3.1/users/5fd7acfd8677040053ad486d/nodes' \
--header 'X-SP-USER-IP: 255.127.79.76' \
--header 'X-SP-USER: oauth_WFecuSPqxGgU027IRAjtOf35vrNCpQZE1DYohX9y|e83cf6ddcf778e37bfe3d48fc78a6502062fc' \
--header 'Content-Type: application/json' \
--data-raw '{
   "type": "REPAY-US",
   "info": {
       "loan_type": "ONE-TIME",
       "nickname": "My Loan",
       "credit_limit": {
           "amount": 5.2,
           "currency": "USD"
       },
       "interest": {
           "apr": 10,
           "cap": 5
       },
       "payment_node_id": "5fd7e2b0039b95223d5f4fd3",
       "disbursement_node_id": "5fd7e2b0039b95223d5f4fd3",
       "auto_pay": true,
       "document_id": "2a4a5957a3a62aaac1a0dd0edcae96ea2cdee688ec6337b20745eed8869e3ac8",
       "schedule": "MONTHLY",
       "next_payment": 30,
       "num_payments": 1,
       "reserve_node_id": "5fd901bb20b3aa0bc7caee85"
   },
   "extra": {
       "supp_id": "xx123c"
   }
}'

After that, you can choose to link ACH, Wire, Interchange and many more account types to disburse funds or collect repayments and/or issue cards for a more holistic credit card or charge card experience.

Credit Pricing

SaaS Base Monthly Fee

$15,000-$36,000

The exact monthly minimum is a function of the features enabled and overall business risk.

Per User

$1.99
per individual per month
$2.99
per business per month

Per user fees go down with scale.

Transaction Fees

Pass-Through

We will not charge any additional fees on top of the transaction fees we receive from the banks for your volume.

Credit Revenue

Rebates

Up to 5-25% APR

Rebates vary based on users and overall portfolio.

Interchange

Up to 90%

You will keep up to 90% of the net interchange revenue generated by your platform.

More Resources