Syncada
| Company type | Joint venture |
|---|---|
| Industry | Financial services, Software as a service |
| Founded | July 2009 |
| Founder | U.S. Bancorp, Visa |
| Headquarters | United States |
| Products | Business-to-business payment solutions |
| Parent | U.S. Bancorp (after repurchase of stake from Visa) |
Syncada operated as a global financial supply chain network based in the United States, delivering business-to-business payment solutions through a cloud-hosted software as a service (SaaS) platform.
Established as a joint enterprise between Visa and U.S. Bancorp, Syncada commenced operations in July 2009. Its inaugural banking client was U.S. Bank, with Commerce Bank joining in 2010, followed by Citibank in 2011.
Subsequently, U.S. Bank repurchased Syncada’s equity stake from Visa and incorporated the service into its Corporate Payments Group.
History
Syncada's roots trace back to PowerTrack, an internet-based system for invoice management, payment processing, and trade finance introduced by U.S. Bancorp in 1997. In 2009, U.S. Bancorp spun off PowerTrack to establish Syncada.
Kurt Schneiber became CEO in January 2010, bringing expertise from Fortent, a company specializing in anti-money laundering software. He earned recognition as one of Treasury & Risk’s leading finance executives in 2011. In September 2011, Kay LaBare assumed the role of chief information officer.