BankProv Partners with Synctera to Create Card Program in Support of Bank-as-a-Service Model
Partnership will help extend BankProv’s BaaS offerings to customers nationwide through Synctera’s innovative FinTech integrations
AMESBURY, Mass., April 8, 2022 /PRNewswire/ — BankProv, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), a future-ready commercial bank that provides adaptive and technology banking solutions to emerging industries, partners with Synctera, a FinTech banking provider leader that helps innovators build their own FinTechs more efficiently. Synctera’s innovation in streamlining back-end digital banking with BankProv’s next-generation offerings, including its depository services for cryptocurrency exchanges, investment platforms and payment facilitators, will deliver FinTech developers in the cryptocurrency market an expanded Banking-as-a-Service (BaaS) option with this new debit card BIN referral program.
Synctera enables banking institutions to create new business lines by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision of a connected marketplace filled with opportunities for developers and FinTech customers to have more access and options to manage their money. BankProv is the eleventh community bank in Synctera’s marketplace helping FinTechs launch and scale their products.
Synctera will focus on introducing a card program in BankProv’s partnerships with FinTechs that offer cryptocurrency-related services, including exchange, deposit and payment services.
“Synctera is a trusted partner for community banks looking for solutions to take their payment strategy to the next level,” said David Mansfield, CEO of BankProv. “We are excited to enhance our BaaS line of business by offering debit cards through the Synctera partnership.”
“We are proud to have built a lightweight, modern core system that gives banks the flexibility to support new financial technologies in the most efficient way possible and provides data control and insight for actionable insights. and easy audits,” said Kris Hansen, Synctera’s Chief Technology Officer. “Synctera looks forward to providing solutions to BankProv’s needs as it continues to expand its digital banking services and help more FinTechs and customers access their cryptocurrency more securely and easily.”
BankProv is one of the only community banks in the country to establish depository services for cryptocurrency-related businesses as part of its full-service USD offering to its business customers. Last year, BankProv became the first bank to provide an Ether-backed line of credit and also offers equipment and infrastructure loans to help crypto mining companies scale up their operations.
Launched in 2020, Synctera powers the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders build world-class products with integrated banking, card issuance, and more. Synctera’s unique programs enable seamless and effective partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a full-fledged offering. Everyone Wins – FinTech creators create, launch and scale great products, fast, and community banks access new revenue streams and new markets. Learn more at www.synctera.com.
Media Contact: Rocco Aloes
Gregory FCA for Synctera
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in providing adaptive and technology banking solutions to niche markets including cryptocurrency, renewable energy, fintech and value lending business, with an emphasis on research fund loans. We are committed to providing state-of-the-art APIs (Application Programming Interfaces) to all of our business customers and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
Media Contact: Rachelle Peterson
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