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Endurance in the News / Synapse Hearing Highlights Frustration With Banking-as-a-Service Complexities
Synapse Hearing Highlights Frustration With Banking-as-a-Service Complexities | PYMNTS
Synopsis
The drama surrounding the Synapse Financial bankruptcy continued Friday (June 7) with an afternoon court hearing in California’s Central District Bankruptcy Court, although the case appeared no closer to a resolution. As a result, the hearing set the stage for what will be a complex series of events that will stress-test the very concept of banking-as-a-service and challenge the business models that have put millions of consumers’ assets at risk.
