Cash Management
This product is currently only avaliable on UAT
Our Cash Management Account (CMA) is an iteration of our Deposit Hub Product line that enables individuals and businesses to hold deposits either with FDIC Insured Institutions (FDIC) or in Money Market Funds (MMF) based on their investment preferences (CONSERVATIVE, MODERATE or AGGRESSIVE) .
Currently CMAs are only able to hold USD balances, but you can onboard customers from the following countries:
    Argentina
    Australia
    Austria
    Belgium
    Brazil
    China
    Czech Republic
    Denmark
    Finland
    France
    Germany
    Hong Kong
    India
    Ireland
    Italy
    Luxembourg
    Malaysia
    Mexico
    Netherlands
    New Zealand
    Nigeria Norway
    Portugal
    Singapore
    Slovakia
    South Africa
    Spain
    Sweden
    Switzerland
    Turkey
    United Kingdom
    United States

Key Use Cases

CMA can be used for pretty much any application that requires an embedded deposit custody. But we are seeing the following use cases most frequently:
Use Case
Description
Global Banking
Using CMA to create an FDIC insured cash account with a debit card, account number and access to payments for users in 30+ countries.
Global Spend Cards
Using CMA to create an FDIC or SIPC insured cash account with a credit card on top that enables businesses and individuals to spend online.
Banking for Creators
Gamers, Influencers, Freelancers, etc.
Using CMA to create an FDIC or SIPC insured cash account with a card on top that enables creators to bank regardless of where they live. Especially helpful in situations where creator funds are only avaliable for people who are able to open accounts in the US.
Banking for Travelers Including Foreign Nationals - International Students, -ve Interest or High Inflation Markets.
Using CMA to create an FDIC insured cash account with a card, account number and access to payments that enables individuals to bank in USD. Especially helpful in situations your users are traveling a lot or local currency has high inflation or local banks have a net negative interest rate or spending in local currency incurs a high tax.

KYC Requirements

For US Customers, the KYC Requirements are the same as they are for Deposit Hub. For non-US Customers:

KYC For Individuals or UBOs

All KYC will be ID Score backed. Based on trust_level, we will collect the following:
Trust_Level
Documents
High
Virtual Docs: Values to include meta.country_code, see this.
    DRIVERS_LICENSE or PASSPORT and,
    PERSONAL_IDENTIFICATION or TIN
Medium
Items on top + Physical Docs: Values to include meta.state_code, meta.country_code and meta.id_number as well, see this.
    PASSPORT_BIODATA and PASSPORT_INFO or,
    PASSPORT_CARD or,
    GOVT_ID_INT and GOVT_ID_BACK
Low
Items on top + Physical Docs:
Values to include meta.state_code, meta.country_code and meta.id_number as well, see this except for Video Auth.
    VIDEO_AUTHORIZATION and,
    PROOF_OF_ADDRESS or UTILITY_BILL
Social Doc:
    OTHER with value APPROVED signaling a manual approval by you. We recommend that the you manually review all users that have low trust level before onboarding.

KYC For Business

For Universal Beneficial Owners (UBOs), the KYC is the same as listed above. For the business itself, we will be collecting the following:
    Business Name
    Address
    Entity Formation Date
    Entity Type (LLC, Corp, etc)
    Entity Scope (Industry)
    Email
    Phone Number of the Business
    EIN (or Equivalent Number)
    EIN Letter (or Equivalent Document)
    Company Bylaws (or Equivalent Number)
    Articles of Incorporation (or Equivalent Number).

Key Features

Feature
Details
Fully Managed Compliance
All KYC, AML, Transmission compliance handled by Synapse. Customers just have to worry about fraud and marketing.
One Platform
Once a customer is live with CMA, you can cross sell them a Credit Solution (US Only) or Crypto Solutions all in one platform.
Passively Invest
We believe all deposit accounts should be a source of wealth creation. For that reason, funds in a CMA can also be invested in public markets through our High/Medium/Low risk Money Market Funds.
Global Reach
With Synapse, you can onboard individuals or businesses for USD accounts from 30+ countries from the very beginning. No need to add additional vendors.
Card Issuance
Instantly issue card numbers on top of deposit accounts, then load them into any mobile wallet of choice and/or ship a physical card with various shipping and card styling options, including metal.
AC/RT Issuance
Issue unique account numbers on top of cash accounts to enable SWIFT, ACH or FedWire transactions.
Robust Payments Stack
With Synapse, you get SWIFT, ACH, Fedwire, BillPay, Card Processing, Check Issuance, RPPS, ATM and Cash network access from the very beginning. No need to add additional vendors.
Revenue Generating
Accrue daily rebates on deposits kept with us and also generate interchange revenue for your platform.

Getting Started with Cash Management

To spin up a Cash Account for a user, here are the steps you can follow:
The first step is to create a user account and supply all of their KYC. Once the user account has been created, grab the refresh_token from the response which is needed to issue an OAuth key for the user.
The next step will be to start performing actions on behalf of the user. To do that, you need to grab an OAuth token for the user.
To do that, usually, you make a View User API call and grab the refresh_token from the user profile or get the refresh token from the create user call (like above).
To avoid 2FA, please use the fingerprint value that you used while creating the user account. Once the OAuth key is issued, grab oauth_key which will be needed to launch deposit hub.
First please preview the cash agreement to the user, once they agree, create the cash account. Please ensure the user is able to select their custody and risk preferences.
That's it. You've successfully created a cash account for your user.

Enable Some Features

Now let's enable some features on this cash account.
Now you have an ACH-US node linked under the user profile. This means the user can fund their cash account via an external bank account or if funds are available on the cash account, the user will be able to cash out into the external bank account.
Now the user's cash account will also have an account and routing number associated with it. This can be used for direct cash (payroll, Paypal, Venmo, etc.) or direct debit (billpay, Venmo, Paypal, etc.).
Now the user's cash account will also have a card number associated with it. The card can be instantly activated for spending online or through the mobile wallet of choice. The card can also be shipped so that the user has a physical card at hand for use. You can also use our virtual terminal to emulate some transactions.
Now your user has a fully functioning Deposit Hub! We would also recommend trying the following:
This will enable your platform to always stay up to date when changes/updates to the users, nodes, transactions or subnet objects occur.

How it Works - Under the Hood

Unlike a Deposit Account, for the Cash Management account, Synapse Brokerage LLC is the Custodian of Funds. This enables us to keep funds at more than one bank - effectively giving your users higher than 250K FDIC Coverage (just like Multibank) or invest funds in the public markets through Money Market Funds, while the customer can still spend through their card. If funds are kept at a clearing house, they qualify for SIPC Insurance.

Other Considerations

Since CMA is just another Deposit Hub feature, the following considerations still apply:
Last modified 25d ago