Introducing Aerosync: Bank-Linking to Boost Your Bottom Line

The next wave of payments innovation will be dictated by consumers choosing bank payments as their default payment method. 

This is largely due to the lower costs associated with pay-by-bank. Let’s take a look at the hard costs of processing payments with various modalities:

From a business owner’s perspective, bank payments are a no-brainer based on cost alone. However, getting end users to commit and change their behavior is more difficult. 

Your onramp to the benefits of open banking will only be as good as your data aggregator.

‍We know this because we’ve experienced it first-hand.

As a digital payments provider, we grew tired of the shortfalls of existing bank aggregators. So, we built Aerosync, a next-generation bank-linking technology designed for simplicity, reliability, and precision.  

What is Aerosync? 

Aerosync is a next-generation bank aggregator that enables users to instantly link their financial account for payment. Aerosync is what users see when they connect their bank, but it's entirely customizable for merchants—providing a seamless, branded experience.

Merchants use Aerosync because it's built by a payments company, with the shortcomings of mainstream aggregators in mind.

Why Aerosync? 

Our focus is on end-user conversion—ensuring your customers make a payment within the application so you get paid faster and more often. The secret to higher conversion starts with a seamless, user-friendly onboarding experience. 

When it comes to the standards needed to guarantee outstanding bank-linking user experiences, existing bank connection platforms fall short.

Here’s how we came to this conclusion:

1. We’ve integrated with many popular bank aggregation providers, enabling bank linking widgets from Yodlee, Plaid, and MX, searching for an optimal solution for our users. 

2. Return codes from bad account numbers accounted for nearly 14% of our total ACH returns indicating very poor data quality returned from aggregators.

3. Widget experiences were out-of-touch and didn’t allow for meaningful brand customizations.

4. It was difficult to scale with each aggregator due to steep pricing.

So, we built our own bank aggregator from the ground up. 

Instead of relying on outdated screen scraping methods (like many big aggregators), Aerosync establishes direct connections to banks wherever possible. 

When direct connections can't be established, we work with core data providers to deliver the most accurate, up-to-date information.

This means faster connections, better user experiences, and higher conversion rates. 

Backed by thousands of hours of user experience research from our payment platform and through leading the UX research team at the Financial Data Exchange (FDX), we ensure your users feel safe and secure throughout the bank linking process. 

Aerosync features

Aerosync stands above all other aggregators because it’s built with their flaws in mind. The bank linking technology provides industry-leading value to any company looking to embrace account-to-account payments.

Key features include:

⚡ Under 20 seconds for end users to authenticate and verify bank ownership.

🏦 12,000 FI connections and counting (including regional banks and credit unions).

🔒 2,700+ OAuth connections

💪 Unmatched reliability leading to 43% lower R03 returns and 66% lower R04 returns than competitors

👥 Trusted by millions of end users

Aerosync also provides

• Redundancy across multiple data sources. If one bank connection fails, more flows are available for end users to authorize an immediate bank connection
• Reliable data. Aerosync dynamically checks to ensure that a full account number is returned rather than bad data, which may result in costly returns
• Deep customization and control. Enhance your brand's identity by customizing payments with your logo and color scheme 
• Instant manual account verification. Verify an account and routing number input in seconds rather than days using microdeposits

The Aerosync impact for your business

Aerosync facilitates simplified bank linking for every industry. Some impactful examples include: 

Marketplaces

Marketplace applications would rather have end users spending time filling their carts rather than keeping up with a frustrating onboarding experience. 

Use Aerosync to: 

• Onboard first-time end users in under 20 seconds
• Maximize conversion rates by reducing user abandonment
• Improve user experience with seamless onboarding and simplified repeat usage processes

Microloans

Building the next great microloan application? Use Aerosync to: 

• Enhance existing identity checks by providing detailed transaction data and account activity
• Check recent transactions associated with the connected account to build a profile of your end user spending habits
• Make more informed lending decisions with deep insights into users’ financial health

Fractional share investing

Aerosync works to enhance, secure, and streamline processes for new online investing platforms. 

Use Aerosync to:  

• Check the balance in a user’s bank account
• Ensure sufficient funds for their initial investment, preventing failed transaction
• Onboard new clients more quickly, enabling faster first-time deposits and purchases 

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See what Aerosync can do for your business

Aerosync has already effectively supported millions of bank connections for our proprietary payments platform, Aeropay. Now, you can leverage the next generation bank linking tech too. 

Aerosync is readily available for businesses looking to enable pay-by-bank. Our API and native mobile SDKs allow you to integrate Aerosync seamlessly into your application within a day.

Contact our sales team to get started today!