In light of the recent Silicon Valley Bank closure, Synapse acknowledges that numerous fintechs have encountered service disruptions. To address this issue and reinstate vital money transfer services, we have launched the Synapse FastTrack Program, specifically designed for fintechs affected by the Silicon Valley Bank closure to swiftly restore payment processing services. Our primary objective is to help fintechs impacted by the Silicon Valley Bank closure and similar banking interruptions become fully operational in just a matter of days.
A Simplified Payment Processing Solution
This unique program caters to fintechs with straightforward payment processing applications, eliminating the need to open deposit or credit accounts for end-users. In essence, funds are seamlessly transferred from your account to and from the user's external bank accounts.
Payment Channels Offered by the Synapse FastTrack Program
The Synapse FastTrack Program, developed as a response to the Silicon Valley Bank closure, empowers fintechs to transact via the following payment channels:
- ACH (same day, next day)
- SWIFT Wires
- Check Issuance
- Acquiring (Push and Pull)*
- Virtual Card Issuance (for disbursements)
*Please note: If an MID setup via card networks is necessary, acquiring flows might experience delays until completion (typically 60-90 days).
Complex Use Cases and Limitations
For more intricate use cases involving account opening, lending, or card issuance, please contact us through the chat feature on our website.
Please note that at this time, cryptocurrency and stablecoin use cases are not eligible for the Synapse FastTrack Program.
Get Started with the Synapse FastTrack Program
To discover more about how to begin, please visit synapsefi.com/fasttrack.