FINSYNC, 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.
QuickBooks is becoming a bank, competing against banks. FINSYNC is partnering with banks to help them compete in the world of digital finance with our Charter Member Program.
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).
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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.
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