A business or individual can make an ACH payment as a one-time event, or it can be recurring. For example, let's say a consumer wants to set up automatic bill pay for the cable bill. To do that, they would first provide the cable company with their bank account information and authorize the monthly deduction. Then, when the bill comes due, the cable company's bank (the ODFI) sends a request to the consumer's bank (the RDFI) asking for the money to be transferred. The banks also communicate to ensure the consumer's account holds sufficient funds to pay the bill before completing the transaction.
Through Synapse, fintechs can gain access to a full infrastructure of payment networks to align their networks with their business models domestically and around the world. Deposit Hub offers a feature complete deposit and payment platform. Our Crypto Hub is a complete crypto wallet, investment and exchange platform, while our Credit Hub enables you to build various credit product experiences, including: Open Loans, Revolving Loans and One-time Loans.
1 Synapse Financial Technologies, Inc. is not a Bank. Deposit, Banking and Card services are provided by Synapse Financial Technologies, Inc.’s partner banks, Members FDIC. Credit services are provided by Synapse Credit LLC, a licensed U.S. lender in designated States. Global cash management services provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC. Crypto services are provided by Wyre Payments, Inc., a US Money Service Business. Synapse Brokerage LLC does not offer crypto services and no cryptocurrencies may be held in any account established through Synapse Brokerage, LLC.. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC.