Open banking and application fraud solutions
With its history of bringing together various stakeholders to address industry-wide needs, Symcor is uniquely positioned to help advance open banking. supplied
Combining Security with Agility: Leveraging core competencies to support Canada’s open-banking future
For over 25 years, Symcor has supported Canadian industries through all stages of their digital transformations. What started as a joint venture between the Bank of Montreal, Royal Bank of Canada and Toronto-Dominion Bank has evolved into an established organization with unique expertise and scalable solutions that address industry-wide needs.
Trust is the new currency in the data economy
From its early days of processing cheques and printing financial documents, Symcor has since transitioned its focus to digital-first services, staying in step with rapidly changing market needs without compromising on rigorous security protocols.
“We’re in an interesting period now, where the world is getting more and more complex and requires creative solutions. We’re in a data economy and trust is the new currency,” says Chameli Naraine, Symcor’s president & CEO.
Although the COVID-19 crisis has accelerated the pace of digital transformation, Symcor continues to provide its partners with solutions that are trusted and secure. When the federal government issued relief payments to Canadians, Symcor leveraged its proprietary fraud platform to help financial institutions rapidly respond to the need to disburse the benefits and maintain a frictionless customer experience, all while mitigating potential fraud.
Even as the world experiences exponential change, Symcor’s foundation of trusted and secure digital solutions resiliently supports organizations as they navigate their digital transformations.
Long-standing reputation of successfully aligning industry participants
Symcor has a rich history of bringing together various stakeholders to address industry-wide needs. Most recently, Symcor aligned Canada’s largest banks to create the COR.IQ alliance, a consortium that proactively alerts organizations to suspected fraud through a trusted data and intelligence exchange.
With a proven ability to solve the needs of different stakeholders and industries, Symcor has broadened its customer base to include financial, insurance, automotive and telecommunications sectors, and most recently secured the federal government as a client.
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We’re in an interesting period now, where the world is getting more and more complex and requires creative solutions. We’re in a data economy and trust is the new currency. ”
“We strive to provide solutions that are highly scalable and adaptable while addressing a spectrum of industry-wide requirements. This proven ability to align and deliver to the needs of various stakeholders positions Symcor to provide trusted digital solutions that support changing needs with agility and ease,” says Saba Shariff, Symcor’s head of new product development & corporate strategy.
Harnessing core competencies to support the success of open banking
As the market advances to create a “Made in Canada” open-banking framework, Symcor’s expertise makes it a trusted partner for this transition. Given its proven experience in the secure exchange of data across multiple industry ecosystems, Symcor is uniquely positioned to provide safe, trusted solutions to a wide range of network participants with different needs and perspectives.
“The ability to align and address various client needs, while leveraging a common platform and infrastructure, and supporting business processes, is integral to Symcor’s DNA,” states Donna Kinoshita, Symcor’s senior vice president & chief strategy officer. “By leveraging our unique core competencies, we’re here to help unlock the full potential of market-wide initiatives, like open banking.”
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