BankProv, subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, is partnering with Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently. Synctera’s innovation in streamlining back-end digital banking services with BankProv’s next-generation offerings, including its depository services to cryptocurrency exchanges, investment platforms and payment facilitators will offer FinTech developers in the cryptocurrency market expanded Banking-as-a-Service (BaaS) optionality with this new debit card BIN sponsorship program.
Synctera allows banking institutions to build new lines of business by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision for a connected marketplace filled with opportunities for FinTech developers and customers to have more access and options for managing their money. BankProv is the eleventh community bank in Synctera’s marketplace helping FinTechs to launch and scale their products.
Synctera will focus on bringing a card program to BankProv’s partnerships with FinTechs that offer cryptocurrency related services including exchange, deposits, and payment services.
“Synctera is a trusted partner for community banks looking for solutions in taking their payments strategy to the next level,” said Dave Mansfield, CEO of BankProv. “We are excited to enhance our BaaS business line by offering debit cards through the Synctera partnership.”
“We take pride that we built a lightweight, modern core system that gives banks the flexibility to support new FinTechs in the most efficient way possible and offers control and insight into data for actionable knowledge and easy audits,” said Kris Hansen, Chief Technology Officer of Synctera. “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 safer and easier.”
BankProv is one of the nation’s only community banks to establish depository services to cryptocurrency-related businesses as part of its full-service USD offering to its commercial clients. Last year, BankProv became the first bank to extend a line of credit backed by Ether and also offers equipment and infrastructure loans to help crypto-mining businesses scale their operations.