BankProv Partners with Synctera to Create Card Program in Support of Bank-as-a-Service Model

Partnership will help extend BankProv’s BaaS offerings to customers nationwide through Synctera’s innovative FinTech integrations

AMESBURY, Mass., April 8, 2022 /PRNewswire/ — BankProv, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), a future-ready commercial bank that provides adaptive and technology banking solutions to emerging industries, partners with Synctera, a FinTech banking provider leader that helps innovators build their own FinTechs more efficiently. Synctera’s innovation in streamlining back-end digital banking with BankProv’s next-generation offerings, including its depository services for cryptocurrency exchanges, investment platforms and payment facilitators, will deliver FinTech developers in the cryptocurrency market an expanded Banking-as-a-Service (BaaS) option with this new debit card BIN referral program.

BankProv Partners with Synctera to Create Card Program in Support of Bank-as-a-Service Model

Synctera enables banking institutions to create new business lines by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision of a connected marketplace filled with opportunities for developers and FinTech customers to have more access and options to manage their money. BankProv is the eleventh community bank in Synctera’s marketplace helping FinTechs launch and scale their products.

Synctera will focus on introducing a card program in BankProv’s partnerships with FinTechs that offer cryptocurrency-related services, including exchange, deposit and payment services.

“Synctera is a trusted partner for community banks looking for solutions to take their payment strategy to the next level,” said David Mansfield, CEO of BankProv. “We are excited to enhance our BaaS line of business by offering debit cards through the Synctera partnership.”

“We are proud to have built a lightweight, modern core system that gives banks the flexibility to support new financial technologies in the most efficient way possible and provides data control and insight for actionable insights. and easy audits,” said Kris Hansen, Synctera’s Chief Technology Officer. “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 more securely and easily.”

BankProv is one of the only community banks in the country to establish depository services for cryptocurrency-related businesses as part of its full-service USD offering to its business customers. Last year, BankProv became the first bank to provide an Ether-backed line of credit and also offers equipment and infrastructure loans to help crypto mining companies scale up their operations.

About Synctera
Launched in 2020, Synctera powers the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders build world-class products with integrated banking, card issuance, and more. Synctera’s unique programs enable seamless and effective partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a full-fledged offering. Everyone Wins – FinTech creators create, launch and scale great products, fast, and community banks access new revenue streams and new markets. Learn more at www.synctera.com.

Media Contact: Rocco Aloes
Gregory FCA for Synctera
[email protected]
610-860-2075

About BankProv
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in providing adaptive and technology banking solutions to niche markets including cryptocurrency, renewable energy, fintech and value lending business, with an emphasis on research fund loans. We are committed to providing state-of-the-art APIs (Application Programming Interfaces) to all of our business customers and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Media Contact: Rachelle Peterson
[email protected]
603-334-1255

Forward-looking statements

Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may”, “will”, “would”, “intend”, “believe”, “expect”, “plan”, “estimate”, “anticipate”, “continue”, or similar terms or variations of these terms, or the negative form of these terms. These statements are based on the current beliefs and expectations of the management of the Company and are subject to significant risks and uncertainties. Actual results could differ materially from those set forth in the forward-looking statements due to a number of factors. Factors that could cause such differences to exist include include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event; those related to the real estate and economic environment, particularly in the market areas where the Company operates; US government fiscal and monetary policies; changes in governmental regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; declines in the level of deposits necessitating increased borrowing to finance loans and investments; operational risks, including but not limited to cybersecurity, fraud and natural disasters; the risk that the Company will fail to implement its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

The Company wishes to caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the financial performance of the Company and could cause the Company’s actual results for future periods to differ materially from the opinions or statements expressed at with respect to future periods in the current statements. The Company does not undertake and specifically disclaims any obligation to publish the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated events. or unforeseen. .

(PRNewsfoto/The Provident Bank)

(PRNewsfoto/The Provident Bank)

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