sync.money accelerates time to market by 3x

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.

At a glance

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

“Integrated Finance was able to integrate all the different banks in the UK and Europe we needed in an incredibly short space of time - while we continued to focus on building our unique card settlement offering internally.”

Ricky LeeCEO & founder, sync
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