How they describe themselves: Banking should be an API first business. We build state of the art banking products for developers. Whether you are spinning up FDIC insured accounts, sending payments or managing compliance, our goal is to provide an all-in-one API for banking infrastructure.
Three main engines power our products:
- Newton is a state of the art machine learning tool which utilizes regression, computer vision, & text rexognition among other tools to argument and empower humans in making decisions around any banking service.
- Sherlock is a cluster of various data aggregation services. Just like Sherlock Holmes, our Sherlock uses deductive reasoning to find information on individuals and entities across the web.
- CORE V3 is the next generation core banking system that has API’s by default. Front facing APIs are consumed by developers for buliding innovatie banking products while backed APIs are used by banks to integrate Synapse functionality into their systems.
How they describe their product/innovation: Simple tasks like opening a deposit account remotely or initiating a high risk ACH transaction often requires additional identity verification. Traditionally this is handled by a bank’s customer service agent, who reaches out to the customer to verify identity through video calls (like BBVA), uploading selfies (like HSBC) or requesting additional documentation. Although these are viable options, they require some form of manual intervention which results in increased costs and a slow customer experience.
To remedy this problem we built Video Auth.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms