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:
- Czech Republic
- Cayman Islands
- Hong Kong
- New Zealand
- South Africa
- United Kingdom
- United States
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.
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:
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.
For UBO's of non-US sole proprietorships, we currently support the following.
To enable, please discuss this with your growth manager.
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_tokenfrom the response which is needed to issue an OAuth key for the user.
To avoid 2FA, please use the fingerprint value that you used while creating the user account. Once the OAuth key is issued, grab
oauth_keywhich 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.
Now let's enable some features on this cash account.
Now you have an
ACH-USnode 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:
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.