🌎Global Cash

Our Cash Management Account (CMA) aka Global Cash 🌏 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.

Currently Global Cash are only able to hold USD balances, but you can onboard customers from the following countries:

• Argentina

• Australia

• Austria

• Belgium

• Brazil

• Canada

• China

• Chile

• Colombia

• Czech Republic

• Cayman Islands

• Denmark

• Finland

• France

• Germany

• Hong Kong

• India

• Ireland

• Italy

• Luxembourg

• Malaysia

• Mexico

• Netherlands

• New Zealand

• Norway

• Portugal

• Singapore

• Slovakia

• South Africa

• Spain

• Sweden

• Switzerland

• United Kingdom

• United States

• Vietnam

Please note that the list above signifies the countries where we are able to do sound KYC/AML, to be able to provide Global Cash. However, Platform may be required to complete additional diligence (in form of legal opinion letters) in order to provide Synapse’s services in any of these (or other) jurisdictions.

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	Virtual Docs	Social Docs	Physical Docs		Notes
high	DRIVERS_LICENSE TIN	ADDRESS DATE			Virtual Doc values to include meta.country_code, see this.
high	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE
high	PASSPORT TIN	ADDRESS DATE
high	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE
med	DRIVERS_LICENSE TIN	ADDRESS DATE	PASSPORT_BIODATA		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.
med	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	PASSPORT_BIODATA
med	PASSPORT TIN	ADDRESS DATE	PASSPORT_BIODATA
med	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	PASSPORT_BIODATA
med	DRIVERS_LICENSE TIN	ADDRESS DATE	NATIONAL_ID NATIONAL_ID_BACK
med	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	NATIONAL_ID NATIONAL_ID_BACK
med	PASSPORT TIN	ADDRESS DATE	NATIONAL_ID NATIONAL_ID_BACK
med	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	NATIONAL_ID NATIONAL_ID_BACK
med	DRIVERS_LICENSE TIN	ADDRESS DATE	DRIVER_LICENSE DRIVER_LICENSE_BACK
med	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	DRIVER_LICENSE DRIVER_LICENSE_BACK
med	PASSPORT TIN	ADDRESS DATE	DRIVER_LICENSE DRIVER_LICENSE_BACK
med	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	DRIVER_LICENSE DRIVER_LICENSE_BACK
med	DRIVERS_LICENSE TIN	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.
med	PASSPORT TIN	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	DRIVERS_LICENSE TIN	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	PASSPORT TIN	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
med	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	VOTER_REGISTRATION_CARD VOTER_REGISTRATION_CARD_BACK
low	PASSPORT TIN	ADDRESS DATE OTHER	NATIONAL_ID NATIONAL_ID_BACK VIDEO_AUTHORIZATION
low	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE OTHER	NATIONAL_ID NATIONAL_ID_BACK VIDEO_AUTHORIZATION
low	DRIVERS_LICENSE TIN	ADDRESS DATE OTHER	DRIVER_LICENSE DRIVER_LICENSE_BACK VIDEO_AUTHORIZATION
low	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE OTHER	DRIVER_LICENSE DRIVER_LICENSE_BACK VIDEO_AUTHORIZATION
low	PASSPORT TIN	ADDRESS DATE OTHER	DRIVER_LICENSE DRIVER_LICENSE_BACK VIDEO_AUTHORIZATION
low	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE OTHER	DRIVER_LICENSE DRIVER_LICENSE_BACK VIDEO_AUTHORIZATION
low	DRIVERS_LICENSE TIN	ADDRESS DATE OTHER	PERMANENT_RESIDENT_CARD PERMANENT_RESIDENT_CARD_BACK VIDEO_AUTHORIZATION
low	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE OTHER	PERMANENT_RESIDENT_CARD PERMANENT_RESIDENT_CARD_BACK VIDEO_AUTHORIZATION
low	PASSPORT TIN	ADDRESS DATE OTHER	PERMANENT_RESIDENT_CARD PERMANENT_RESIDENT_CARD_BACK VIDEO_AUTHORIZATION
low	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE OTHER	PERMANENT_RESIDENT_CARD PERMANENT_RESIDENT_CARD_BACK VIDEO_AUTHORIZATION
low	DRIVERS_LICENSE TIN	ADDRESS DATE	PASSPORT_BIODATA VIDEO_AUTHORIZATION		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.
low	DRIVERS_LICENSE PERSONAL_IDENTIFICATION	ADDRESS DATE	PASSPORT_BIODATA VIDEO_AUTHORIZATION		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.
low	PASSPORT TIN	ADDRESS DATE	PASSPORT_BIODATA VIDEO_AUTHORIZATION		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.
low	PASSPORT PERSONAL_IDENTIFICATION	ADDRESS DATE	PASSPORT_BIODATA VIDEO_AUTHORIZATION		Virtual Doc values must include meta.country_code, see this. Physical Doc values must include meta.state_code, meta.country_code and meta.id_number as well, see this.

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:

Virtual Docs	Social Docs	Physical Docs
DUNS TIN (if applicable)	ADDRESS DATE WEBSITE MAILING_ADDRESS	MEMO_OF_INCORPORATION BYLAWS_DOC COI LBL PROFIT_LOSS DBA_DOC(if applicable)

Please note, we are still learning more about this segment of our business and KYC requirements might evolve over time. Consider this a v1 of Non-US Business KYC.

KYC for Non-US Sole Proprietorships

For UBO's of non-US sole proprietorships, we currently support the following.

Virtual Docs	Social Docs
BUS_REGISTRATION	ADDRESS DATE

To enable, please discuss this with your growth manager.

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), 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:

Create User

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.

OAuth 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.

Launch CMA 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.

Enable External ACH

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.

Enable Direct Debit and Credit

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.).

Issue a Card

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:

Subscribe to Updates

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:

• Negative Balance Reconciliation
• Account Closure with Balance
• Earned Interest
• Earned Rebates
• or any others mentioned on the Deposit Hub page.