Aeropay Launches Proprietary Bank Aggregator Aerosync, Creates New Standards for Open Bank Connectivity, Data Accuracy, and Customer Experience
Aerosync Enables Connections to Underserved Banks and Powers Custom-Branded Experiences for Clients
CHICAGO–(BUSINESS WIRE)–#fintech–Aeropay, a leading provider of Pay-By-Bank solutions, today announced the launch of Aerosync, the company’s proprietary bank aggregator. Aerosync is designed to increase customer conversions while simultaneously lowering risk.
Aerosync addresses many challenges posed to the fintech industry by existing bank aggregators. It covers over 12,000 banks nationwide, establishing direct relationships with large and small financial institutions to offer secure access to essential data to demystify open banking. Aerosync’s flexible connectivity allows users to easily add, remove, and reorder financial institutions while integrating seamlessly with Aeropay’s account-to-account payment solutions.
“Businesses spend heavily on customer acquisition, so they need an aggregator that yields solid conversion rates at a reasonable cost and produces data that is both secure and reliable,” Aeropay Founder and CEO Daniel Muller said. “Most bank aggregators offer very limited flexibility and support. We integrated our core Aeropay payment technology with all of them and ultimately decided to build our own aggregator, the combination of which alone sets us apart in the industry.”
Aerosync Product Manager Cory Anderson said, “We’ve optimized Aerosync to perform its best with innovative fintechs that need world-class data reliability, but don’t want to sacrifice a flexible user experience. Having the best of both worlds is possible and we’ve had millions of unique users link their bank to prove it.”
Many aggregators are restrictive in their cost structure (e.g., minimums, overage fees) and approach to bank linking, providing little ability for their client businesses to customize with their branding or track conversion rates from signup to bank link. Aerosync is easily tailored to meet the needs of businesses without sacrificing a flexible user experience.
Additionally, Aerosync significantly reduces the number of R03 and R04 returns generated by ACH transactions when the customer’s bank account is incomplete or poorly structured. Savings accounts and neobanks, which are often added by aggregators and further corrupt data, are automatically eliminated by Aerosync.
“The ability to ensure both the accuracy and protection of customer data is critical to a business like ours where engagement is constant and transaction volume is high,” said Mike Wrobleski, VP Payments & Fraud, for daily fantasy sports leader PrizePicks. “Aeropay and their Aerosync product have aided us numerous times with fraud prevention and customer security.”
About Aeropay
Aeropay is a financial technology company providing businesses with open banking and account-to-account payment solutions. With Aeropay, businesses can offer compliant, cashless, and contactless digital payments to their customers both in-store and online. Enabled with sophisticated and secure technology, with compliance at the core, Aeropay is the better way to move money. For more information, visit aeropay.com or email [email protected].
Contacts
To schedule an interview, please contact:
Lindsay Raleigh, Senior Director of Marketing
[email protected]
630-995-6935
