Overview

SyncteraPay aims to simplify the process for FinTechs to introduce their own payment partners into the Synctera ecosystem, enabling them to fully leverage their accounts and transaction flow. The platform facilitates daily reconciliation and settlement with the third-party payments provider.

With SyncteraPay, FinTechs can find a payments partner outside the Synctera Marketplace if it better suits their needs.

SyncteraPay supports both Outbound and Inbound payment flows:

• SyncteraPay Outbound (Send): This function allows money transfer from a Synctera account to an external account in a different financial institution, via a third-party payments provider.
• SyncteraPay Inbound (Receive): This function facilitates the receipt of money from an external account to a Synctera account, via a third-party provider.

Transactions in SyncteraPay are created using the SyncteraPay APIs. The transaction recorded in the account is always the result of an off-platform activity that leads to a money movement, performed by the third-party payments provider.

Transactions are final and cannot be reversed. In order to reverse a transaction or correct a transaction a new opposite transaction will have to have to be created.

SyncteraPay supports the following type of transactions:

**For more information about transactions and its status, please refer to Synctera’s transactions guide (link)

Transaction Flow

Transactions executed via a third-party provider need coordination between the Synctera account and the third-party payment provider. All payments follow a two-step process. The first step is a transaction authorization that verifies that the account is capable of transacting and has sufficient funds for the transaction. The second step is the transaction posting ensuring the successful processing of the transfer with the third-party payment provider and includes adding extra transaction data for reconciliation.

These steps are performed via the Synctera APIs

Step 1: Transaction Authorization

Create a transaction authorization to hold available funds

  // request
  {
    "amount": 10000,
    "currency": "USD",
    "dc_sign": "DEBIT",
    "effective_date": "2022-03-18",
    "customer_id": "46fec39e-e776-4571-bf90-d0e1d15172fe",
    "account_id": "b01db9c7-78f2-4a99-8aca-1231d32f9b96",
    "direction": "OUTGOING",
    "synctera_pay_network": "WISE",
    "subtype": "OUTGOING_INTERNATIONAL_REMITTANCE",
    "synctera_pay_vendor_id": "7d943c51-e4ff-4e57-9558-08cab6b963c7"
  }

  // response
  {
    "id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
    "amount": 10000,
    "currency": "USD",
    "dc_sign": "DEBIT",
    "effective_date": "2022-03-18",
    "customer_id": "46fec39e-e776-4571-bf90-d0e1d15172fe",
    "destination_account_id": "fccb4a46-1261-4e91-b622-73b5b946183d",
    "originating_account_id": "b01db9c7-78f2-4a99-8aca-1231d32f9b96",
    "direction": "OUTGOING",
    "synctera_pay_network": "WISE",
    "subtype": "OUTGOING_INTERNATIONAL_REMITTANCE",
    "synctera_pay_vendor_id": "7d943c51-e4ff-4e57-9558-08cab6b963c7",
    "status": "PENDING",
    "transaction_id": "45b5246f-ad97-4629-9aac-465b74a05505",
    "reference_id": "d8536d12-4780-4de6-b6b0-638638985f2c",
    "failed": false,
    "suspended": false
  }

If successful, this means that the transaction has passed all the checks and balances, and can be committed with the third-party provider.

Step 2: Transaction Posted

Update the status to POSTED once funds are verified to post the hold

  // request
  {
    "status": "POSTED",
    "exchange_details": {
      "source_currency": "USD",
      "target_currency": "GBP",
      "source_amount": 10000,
      "target_amount": 10000,
      "rate": "1.30445",
      "fees": [
        {
          "fee_type": "FX",
          "description": "string",
          "amount": 0,
          "percentage": "string",
          "currency": "string"
        }
      ]
    }
  }

  // response
  {
    "id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
    "amount": 10000,
    "currency": "USD",
    "dc_sign": "DEBIT",
    "effective_date": "2022-03-18",
    "posting_date": "2022-03-19",
    "customer_id": "46fec39e-e776-4571-bf90-d0e1d15172fe",
    "destination_account_id": "fccb4a46-1261-4e91-b622-73b5b946183d",
    "originating_account_id": "b01db9c7-78f2-4a99-8aca-1231d32f9b96",
    "direction": "OUTGOING",
    "synctera_pay_network": "WISE",
    "subtype": "OUTGOING_INTERNATIONAL_REMITTANCE",
    "synctera_pay_vendor_id": "7d943c51-e4ff-4e57-9558-08cab6b963c7",
    "status": "POSTED",
    "network_status": "POSTED",
    "transaction_id": "45b5246f-ad97-4629-9aac-465b74a05505",
    "reference_id": "d8536d12-4780-4de6-b6b0-638638985f2c",
    "failed": false,
    "suspended": false,
    "exchange_details": {
      "source_currency": "USD",
      "target_currency": "GBP",
      "source_amount": 10000,
      "target_amount": 10000,
      "rate": "1.30445",
      "fees": [
        {
          "fee_type": "FX",
          "description": "string",
          "amount": 0,
          "percentage": "string",
          "currency": "string"
        }
      ]
    }
  }

If successful, the third-party provider has processed the transaction, and it can now be posted to the customer's account. At this stage, the FinTech should include the transaction reference ID provided by the third-party provider for future transaction reconciliation.

Daily Bulk Settlement With Third Party Provider

At the end of the business day, or multiple times a day (depending on the Fintech/Payments provider agreement), the third-party payment provider will need to settle for the total amount of Inbound or Outbound Payments processed via SyncteraPay.

The Synctera platform can create and receive bulk wire and ach transfers to settle these payments.

The Bulk Settlement function is accessible via the Synctera UI and available to both the FinTech and Synctera Operations agents.

**SyncteraPay transactions and Settlements are not allowed by default. Please contact your implementation manager to enable this capability.