sync accelerates time to market by 3
sync is an FCA-regulated Smart-Bank that offers users the ability to manage all of their accounts in one place, hold a multi-currency account with a debit card, make peer-to-peer transfers, and get discounts and rewards for spending money via the sync.money app.
Challenges
- Accelerate product development
- Minimising the number of development iterations
- Reduce the time and cost spent on managing multiple connections
Benefits
- Direct development (fixed) cost: 56% reduction
- Time-to-market: 3x faster
Challenge
sync aimed to create a genuinely innovative, fully compliant product that has reimagined decades-old ways of consumer financial transactions in just two months. In addition, sync needed to add more currency accounts rapidly - the ability to convert between them - and offer new payment corridors to its growing global client base. But, this meant partnering with multiple BaaS providers - each offering a specific currency or corridor - and needing to stitch all the services together to continue delivering a seamless experience to customers.
Solution
To accelerate its product development and time-to market, sync approached Integrated Finance to support the incorporation of three additional BaaS providers into its current offering - all crucially, must be consumed homogeneously through a single connection.
Outcome
By harnessing the Integrated Finance Platform APIs, sync only needed to integrate once, allowing standardised access to all of its providers via a single connection. The Integrated Finance technology also provided sync’s compliance and operational teams with the required workflows to easily safeguard client funds and move money between providers with minimal manual intervention. Since the Integrated Finance infrastructure includes builtin, scale as you grow technology capabilities, it allows sync to add/or remove providers quickly without undertaking additional development work.
36
Days to market
40%
reduction in cost
62%
internal cost reduction