Addressing Fintech Disruptions from the Silicon Valley Bank Closure

Carla McMorris

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.

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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.

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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:
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ACH (same day, next day)
FedWires
SWIFT Wires
RDC
RPPS
Check Issuance
Acquiring (Push and Pull)*
Virtual Card Issuance (for disbursements)
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*Please note: If an MID setup via card networks is necessary, acquiring flows might experience delays until completion (typically 60-90 days).

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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.

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Please note that at this time, cryptocurrency and stablecoin use cases are not eligible for the Synapse FastTrack Program.

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Get Started with the Synapse FastTrack Program

To discover more about how to begin, please visit synapsefi.com/fasttrack.

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Sources

The Launchpad for
Financial Innovation

help@synapsefi.com

* Synapse-Enabled Services services are offered through Synapse Financial Technologies, Inc. and its affiliates (collectively, “Synapse”). Synapse is not a bank and is not affiliated with any Platform Operator.

Brokerage accounts and cash management programs are provided through Synapse Brokerage LLC (“Synapse Brokerage”), an SEC-registered broker-dealer and member of FINRA and SIPC. Additional information about Synapse Brokerage can be found on FINRA’s BrokerCheck. See Synapse Terms of Service, Privacy Policy, and the applicable disclosures and agreements available in Synapse’s Disclosure Library for more information.
The Partner Financial Institution(s) participating in a Synapse cash management program can be found in the List of Program Banks.
Deposit, Banking and Card services are provided by Synapse Financial Technologies, Inc.’s partner banks.
Credit services are provided by Synapse Credit LLC, a licensed U.S. lender in designated states.
Use of the Synapse-Enabled Services are subject to the Terms of Service.

Use of our (Synapse Financial Technologies, Inc.) services are subject to our Terms of Service.

Addressing Fintech Disruptions from the Silicon Valley Bank Closure

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Carla McMorris

March 14, 2023

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