Syncada

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.

Syncada from Visa
Subsidiary
IndustryFinancial Services
Founded2009
HeadquartersAT&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)
ProductsPayment systems
Freight payments
Freight audit
Number of employees
590
ParentU.S. Bancorp
Websitewww.syncada.com

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 is being functionalized within US Bank Corporate Payments Group.[3]

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[4]

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.[5] He received recognition[6] 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.[7]

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References
  1. "Visa and US Bank form financial supply chain network". Finextra. July 30, 2009.
  2. Newmarker, Chri s (October 18, 2010). "Syncada signs on Commerce Bancshares". Minneapolis/St. Paul Business Journal.
  3. Busch, Jason (September 5, 2013). "Visa Exits Syncada Relationship". SpendMatters.
  4. "What is Syncada, and what happened to PowerTrack?". Daycos News. April 20, 2010. Archived from the original on August 9, 2011.
  5. "News release: Syncada Names Kurt Schneiber Chief Executive Officer" (PDF). Archived from the original (PDF) on May 23, 2011.
  6. "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.
  7. "News release:Syncada Names Kay LaBare as New Chief Information Officer" (PDF). Archived from the original (PDF) on May 9, 2012.
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