Blog Posts

April 27, 2023

Global Fintech Series features Sankaet Pathak

Carla McMorris

Global Fintech Series featured Sankaet Pathak, co-founder and CEO of Synapse, in an article detailing the evolution of banking as a service (BaaS), the complexities of scaling the Fintech-BaaS-Sponsor Bank ecosystem today, and the need for a new ecosystem model, Modular Banking. 

Highlights from the article include:

  • The origins of non-bank, consumer-facing fintechs
  • The rise of banking as a service (BaaS), noting that as more fintechs emerged, the dimensions of regulatory risk and compliance obligations inherited by the sponsor banks grew exponentially.
  • The need for a modern BaaS platform that leverages multiple banks integrating a specialized set of services that are fintech-optimized to meet each bank’s scale, risk, and compliance profile.
  • The value of Modular Banking, including Synapse being a regulated BaaS provider, bank partner specialization, and the diversification of bank services provided by multiple banks on a modular platform, makes the entire ecosystem more reliable while lowering risk. 
  • Modular Banking also helps customers bring their own sponsor banks for certain modules of their choice (like BIN sponsorship) with little-to-no effort. 
  • For banks, there is value in not only a regulated entity working with them but also working with multiple banks to provide incremental capabilities for a larger solution. 
  • How Synapse’s broker dealer license adds value to customers because it makes Synapse the account administrator of record rather than an underlying bank holder. Our lending entity enables us to underwrite and originate loans for individuals and businesses in designated States without needing a sponsor bank. This lightens the load for banks, which don’t have to onboard accounts directly and can move from an ‘all-or-nothing’ approach to a specialized, back-end service approach.

Read the article

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Global Fintech Series features Sankaet Pathak

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Carla McMorris
April 27, 2023

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.