Syncada

Syncada from Visa
Closely held corporation
Industry Financial Services
Founded 2009
Headquarters AT&T Tower
Minneapolis, MN, U.S.
Key people
 Kurt Schneiber
(CEO)
Bill Henneman
(CFO)
Liz Fortier
(Chief Legal Counsel)
Kay LaBare
(CIO)
Kathleen Nugent
(Global Head of Product Solutions)
Craig Bongart
(Global Head of Relationship Management)
Cedric Bru
(Global Head of Sales, Marketing & Business Development)
Mary Jo Jordan
(Chief Customer Officer)
Laura Warner
(Director of Human Resources)
Products Payment systems
Freight payments
Freight audit
Website syncada.com

Syncada is a global financial supply chain network that offers business-to-business payments in the cloud under the software as a service (SaaS) model.

A joint venture between Visa and U.S. Bancorp, Syncada launched in July 2009.[1] U.S. Bank was Syncada’s first bank customer. Commerce Bank was the second to join the network in 2010.[2] In March 2011, Citibank became the third bank to use the network.

However, US Bank has bought back the shares of Syncada from Visa and Syncada is being functionalized within US Bank Corporate Payments Group.[3][4]

History

Syncada’s creation stems from PowerTrack, an online platform for invoice processing, payment and trade financing, launched by U.S. Bancorp in 1997. In 2009, U.S. Bancorp divested PowerTrack[5] in order to create With the support of Visa, Syncada became an independent B2B payment network offered by banks to clients for processing, paying, and financing invoices.

Syncada's solution is offered by the following banks:

—Citi Integrated Freight Processing (powered by Syncada)[6]

—Commerce Bank Control Pay Electronic Invoice Presentment and Payment (powered by Syncada)[7]

—Elavon Freight Payment (powered by Syncada)

—US Bank Freight Payment (powered by Syncada)

Management

In January 2010, Syncada named Kurt Schneiber Chief Executive Officer. He joined from Fortent, an anti-money-laundering software provider, where he was President.[8] He received recognition[9] as one of Treasury & Risk's most-influential people in finance for 2011. Schneiber also has prior experience at Citi. In September, it named Kay LaBare Chief Information Officer.[10]

Products and Services

Syncada offers a suite of products[11] that support the financial supply chain. In August 2011 it processed $2b in payments.[12]

References

  1. ↑ "Visa and US Bank form financial supply chain network". Finextra.
  2. ↑ Newmarker, Chris (18 October 2010). "Syncada signs on Commerce Bancshares". Minneapolis/St. Paul Business Journal.
  3. ↑ http://netho.me/4nt6d2.com Site rank]
  4. ↑ . SpendMatters http://spendmatters.com/2013/09/05/visa-exits-syncada-relationship/. Missing or empty |title= (help)
  5. ↑ "What is Syncada, and what happened to PowerTrack?". Daycos News.
  6. ↑ "Citigroup's Global Reach Helps Validate Syncada's Model". American Banker.
  7. ↑ Newmarker, Chris (18 October 2010). "Syncada signs on Commerce Bancshares". Minneapolis/St. Paul Business Journal.
  8. ↑ "News release: Syncada Names Kurt Schneiber Chief Executive Officer" (PDF).
  9. ↑ "News release:Syncada CEO, Kurt Schneiber, Named One of Treasury & Risk's Top 100 Most Influential People in Finance of 2011" (PDF).
  10. ↑ "News release:Syncada Names Kay LaBare as New Chief Information Officer" (PDF).
  11. ↑ "LinkedIn: Company Overview".
  12. ↑ "News Release: Syncada Processes Record $2 Billion in Payments During August 2011" (PDF).
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