Syncada was an American global financial supply chain network that offered business-to-business payments in the cloud under the software as a service (SaaS) model.
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 2009 |
| Defunct | 2013 |
| Fate | Amalgamated into US Bank Corporate Payments Group |
| Successor | US Bankcorp |
| Headquarters | , |
Key people | |
| Products | Payment systems Freight payments Freight audit |
Number of employees | 590 (2013) |
| Parent | U.S. Bancorp |
| Website | www |
It was 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.
US Bank has bought back the shares of Syncada from Visa and Syncada was functionalized within US Bank Corporate Payments Group.[3]
History
editSyncada'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[4]
In January 2010, Syncada named Kurt Schneiber chief executive officer. He joined from Fortent, an anti-money-laundering software provider, where he was president.[5] He received recognition[6] as one of Treasury & Risk's most-influential people in finance for 2011. In September 2011, it named Kay LaBare chief information officer.[7]
References
edit- ^ "Visa and US Bank form financial supply chain network". Finextra. July 30, 2009.
- ^ Newmarker, Chri s (October 18, 2010). "Syncada signs on Commerce Bancshares". Minneapolis/St. Paul Business Journal.
- ^ Busch, Jason (September 5, 2013). "Visa Exits Syncada Relationship". SpendMatters.
- ^ "What is Syncada, and what happened to PowerTrack?". Daycos News. April 20, 2010. Archived from the original on August 9, 2011.
- ^ "News release: Syncada Names Kurt Schneiber Chief Executive Officer" (PDF). Archived from the original (PDF) on May 23, 2011.
- ^ "News release:Syncada CEO, Kurt Schneiber, Named One of Treasury & Risk's Top 100 Most Influential People in Finance of 2011" (PDF). Archived from the original (PDF) on September 29, 2011.
- ^ "News release:Syncada Names Kay LaBare as New Chief Information Officer" (PDF). Archived from the original (PDF) on May 9, 2012.