Synapse, a global banking-as-a-service platform that increases access to best-in-class financial products, announced the launch of Global Cash, a secure cash management account product, that enables residents in more than 35 countries to invest and hold U.S. dollars.
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Global Cash allows U.S.-based fintechs to expand their market reach by simplifying the onboarding of international customers through effortless compliance mechanisms. Fintechs abroad can quickly and easily implement a first-of-its-kind financial solution that grants customers virtually anywhere access to U.S. based account features.
With more than 1.7 billion underbanked adults worldwide, Global Cash levels the playing field for people such as freelancers, influencers, and gamers who, especially outside of the U.S., often have difficulties getting paid. Global Cash provides popular features including debit cards, bank-to-bank transfers, virtual account numbers for direct debit and direct credit, bill-pay, ATM access, and domestic and international transfers.
“Global Cash delivers on the promise of truly modern, borderless, and equitable access to financial services for customers without geographic limitations,” said Synapse CEO and co-founder Sankaet Pathak. “With so many entrepreneurial global citizens earning their living on the web, we’ve had an overwhelming demand for this product. Before Global Cash there was no easy way to deploy global financial products; a company’s options were to build from scratch or integrate with subpar BaaS providers in each country. Synapse eliminates those roadblocks, helping companies facilitate global account services efficiently and simply through a unified platform.”
When Brazilians travel internationally they face a conundrum: they can travel with cash and pay foreign exchange fees at high rates or use credit cards that are 4 times the cost of U.S. credit cards. Brazilian startup Nomad, powered by Synapse Global Cash, empowers customers to send local currency to a U.S. deposit account from their home bank and have access to those funds in as little as two business days, along with issuing customers physical and virtual cards to simplify cost-effective transactions.