FINSYNC Launches Cooperative Structure to Help Community-Based Financial Institutions Compete

Benefits of Charter Membership include:

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, August 4, 2020
Information
Tags: 
Professional services, Data management, Technology, Software, Finance, Banking, Accounting, Accounting software, QuickBooks, Bank, Economy
Geotags: 
GEORGIA, United States
⚠ generated by AI ↴
Organisation: 
FINSYNC, INC.
Summary
Key Points: 
  • Benefits of Charter Membership include:
    Royalty-based profit sharing on FINSYNCs subscription and transaction services.
  • When FINSYNC was founded in 2011, QuickBooks and others were already profiting from data held in banks and credit unions without any benefit to the financial institution.
  • We were able to accomplish this by becoming a Charter Member of the FINSYNC Network and leveraging technology solutions that help our clients operate more efficiently and at a lower cost.
  • FINSYNC is complementary to financial institutions core offering (not a replacement of such services).


FINSYNC, Inc., a leading provider of payment technologies and cash flow management software for businesses announces a new class of bank and credit union partner, Charter Member, which comes with benefits much like membership in a cooperative.

Benefits of Charter Membership include:

● Royalty-based profit sharing on FINSYNC’s subscription and transaction services.

● Loan participation and syndication services to help financial institutions approve more loans and take less risk (including a new platform for invoice financing or factoring).

● Marketing and other customer acquisition and retention services.

● A voice in R&D projects and early access to new, innovative digital products and services offered at no additional charge (example: FINSYNC’s PPP Loan Forgiveness Solution).

When FINSYNC was founded in 2011, QuickBooks and others were already profiting from data held in banks and credit unions without any benefit to the financial institution. Now, QuickBooks, Square, Wave, Shopify, PayPal and others are further marginalizing relationships built over years of community involvement by offering free, high-yield deposit accounts and other forms of disintermediation of banks.

“In most cases we are more than doubling the amount of non-interest income our financial institution partners are receiving per business customer, which is our way of investing in our partners and helping them grow long term,” said Tucker Mathis, CEO of FINSYNC, Inc.

Greg Wilson, CEO of Lamar National Bank, said, “Responding to our client’s needs as quickly and effectively as possible is a priority for Lamar National Bank. We were able to accomplish this by becoming a Charter Member of the FINSYNC Network and leveraging technology solutions that help our clients operate more efficiently and at a lower cost. Empowering our clients to spend time on the things that matter most to them creates healthy and profitable businesses. In return, this is greatly beneficial for Lamar National Bank’s growth and mission.”

FINSYNC is complementary to financial institutions’ core offering (not a replacement of such services). Getting started is easy and requires no upfront investment or core integration. A bank or credit union can enroll online and immediately start earning revenue share on any of their customers currently using FINSYNC for cash flow management and accounting.

Banks and credit unions are encouraged to enroll online here: https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc.

FINSYNC is the only all-in-one payments platform that helps businesses centralize control of payments, manage cash flow, process payroll, automate accounting, and get in sync with the right banker and financial professional at the right time.

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Copyright Business Wire 2020