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Synovus (SNV) Rolls Out Accelerate Pay for Business Payments
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Synovus Financial Corp. (SNV - Free Report) unveiled a payment solution, Accelerate Pay, to enable commercial banking clients to initiate account payable payments, while eliminating check payments.
Specifically, the solution offers clients several different payment types, while minimizing the use of checks. Also, payees can choose how they want to get paid, while check payments and e-checks remain options.
New payment options can be opted for without altering systems, payment initiation workflow or reconcilement processes.
Accelerate Pay offers hands-free payment origination and account reconciliation. It also provides enterprise resource planning or accounting application integration with quick implementation without the need for technology support. It also provides built-in payment fraud mitigation.
The company has partnered with Echo Health Inc. and DPX Payments LLC to offer Accelerate Pay to its clients. This feature further bolsters the company’s treasury and payment solutions’ Accelerate suite. It joins Accelerate AR and FX to offer complete, streamlined cash management services and insights.
Per management, “at Synovus, we’ve carefully assessed the market to ensure we deliver a standout accounts payable business-to-business payment solution for our clients.” Management further noted that Accelerate Pay would simplify business-to-business payments for clients, while quickly adapting to the dynamic payment landscape.
Such convenient features will help the company attract commercial banking clients. Notably, SNV aims to expand its Corporate and Investment Banking, and Middle Market Commercial Banking verticals.
Also, continued loan and deposit growth over the past few years has been supported by its relationship banking model. Net loans witnessed a compound annual growth rate (CAGR) of 4% in the last four years (2019-2023). In addition, total deposits saw a CAGR of 7.2% over the same time frame, backed by continued growth in core transaction deposit accounts. Synovus’ deposits are well-diversified across industries and geographies in strong Southeast growth markets. Also, the company’s floating-rate loan portfolio is well-positioned in the current high interest-rate regime.
For 2024, management expects year-over-year loan growth of up to 3%, while core deposit (excluding brokered accounts) growth is anticipated to be 2-6%.
Over the past six months, SNV shares have rallied 42%, outperforming the industry’s 18.2% growth.
SEI Investments Co. (SEIC - Free Report) augmented its Separately Managed Account and Unified Managed Account solutions offered via the Managed Account Solutions program. These enhancements will enable the company to serve its clients more efficiently.
SEIC’s expanded offerings include the launch of additional internally managed and third-party investment alternatives, mitigated costs and technological updates bolstering tax optimization. These have been primarily launched to cater to the needs of mass-affluent, high-net-worth and ultra-high-net-worth clients.
Robinhood Markets, Inc. (HOOD - Free Report) unveiled its first-ever credit card in an effort to expand its services beyond mainstream trading. The credit card, known as the Robinhood Gold Card, will be available exclusively to Robinhood Gold customers.
For Gold members who refer at least 10 individuals to the subscription plan, the credit card will be made from real gold. While the credit card itself carries no annual fee, it would require a Robinhood Gold membership, which runs $5 per month or $50 annually.
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Synovus (SNV) Rolls Out Accelerate Pay for Business Payments
Synovus Financial Corp. (SNV - Free Report) unveiled a payment solution, Accelerate Pay, to enable commercial banking clients to initiate account payable payments, while eliminating check payments.
Specifically, the solution offers clients several different payment types, while minimizing the use of checks. Also, payees can choose how they want to get paid, while check payments and e-checks remain options.
New payment options can be opted for without altering systems, payment initiation workflow or reconcilement processes.
Accelerate Pay offers hands-free payment origination and account reconciliation. It also provides enterprise resource planning or accounting application integration with quick implementation without the need for technology support. It also provides built-in payment fraud mitigation.
The company has partnered with Echo Health Inc. and DPX Payments LLC to offer Accelerate Pay to its clients. This feature further bolsters the company’s treasury and payment solutions’ Accelerate suite. It joins Accelerate AR and FX to offer complete, streamlined cash management services and insights.
Per management, “at Synovus, we’ve carefully assessed the market to ensure we deliver a standout accounts payable business-to-business payment solution for our clients.” Management further noted that Accelerate Pay would simplify business-to-business payments for clients, while quickly adapting to the dynamic payment landscape.
Such convenient features will help the company attract commercial banking clients. Notably, SNV aims to expand its Corporate and Investment Banking, and Middle Market Commercial Banking verticals.
Also, continued loan and deposit growth over the past few years has been supported by its relationship banking model. Net loans witnessed a compound annual growth rate (CAGR) of 4% in the last four years (2019-2023). In addition, total deposits saw a CAGR of 7.2% over the same time frame, backed by continued growth in core transaction deposit accounts. Synovus’ deposits are well-diversified across industries and geographies in strong Southeast growth markets. Also, the company’s floating-rate loan portfolio is well-positioned in the current high interest-rate regime.
For 2024, management expects year-over-year loan growth of up to 3%, while core deposit (excluding brokered accounts) growth is anticipated to be 2-6%.
Over the past six months, SNV shares have rallied 42%, outperforming the industry’s 18.2% growth.
Image Source: Zacks Investment Research
Currently, SNV carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Companies Making Business Improvements
SEI Investments Co. (SEIC - Free Report) augmented its Separately Managed Account and Unified Managed Account solutions offered via the Managed Account Solutions program. These enhancements will enable the company to serve its clients more efficiently.
SEIC’s expanded offerings include the launch of additional internally managed and third-party investment alternatives, mitigated costs and technological updates bolstering tax optimization. These have been primarily launched to cater to the needs of mass-affluent, high-net-worth and ultra-high-net-worth clients.
Robinhood Markets, Inc. (HOOD - Free Report) unveiled its first-ever credit card in an effort to expand its services beyond mainstream trading. The credit card, known as the Robinhood Gold Card, will be available exclusively to Robinhood Gold customers.
For Gold members who refer at least 10 individuals to the subscription plan, the credit card will be made from real gold. While the credit card itself carries no annual fee, it would require a Robinhood Gold membership, which runs $5 per month or $50 annually.