Agreement advances Synapse’s modular banking infrastructure and supports American Bank’s commitment to delivering value to its community, customers, and shareholders
Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that increases access to best-in-class financial products, announced a partnership with American Bank, a community bank based in Le Mars, Iowa, to enable fintech companies to build and deliver innovative digital financial services to their customers.
“American Bank is pleased to embark on this journey to bolster our array of financial products with new digital solutions that will supplement the high-quality products we have delivered to our customers for over 25 years”
“We are excited to announce that American Bank has joined our growing list of key banking partners powering our modular banking strategy,” said Sankaet Pathak, CEO and co-founder of Synapse. “American Bank’s support will enable us to deliver on our commitment to provide fintech companies and enterprises with best-in-class solutions at unmatched speed and at the best terms. American Bank shares our entrepreneurial spirit and unwavering dedication to customer service, and we look forward to collaborating with them on new ways to deliver value to our collective customers.”
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With Synapse’s affiliate, Synapse Brokerage LLC as a regulated member of FINRA and SIPC, it is possible for the company to deliver modular banking – an infrastructure that sources specialized services across multiple bank partners to deliver these services collectively as a complete offering to all its fintech and enterprise customers. American Bank will serve as a sponsor bank to Synapse and its affiliates, providing core banking services such as FDIC deposit insurance, payment processing, and card issuance.
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“American Bank is pleased to embark on this journey to bolster our array of financial products with new digital solutions that will supplement the high-quality products we have delivered to our customers for over 25 years,” said Micah Lang, President and Trust Officer of American Bank. “As Banking-as-a-Service continues to become more commonplace, American Bank is committed to strengthening our digital banking capabilities to better position us for the long term and support our community now and well into the future. Synapse is best positioned as a partner to this goal.”
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