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Thanks for posting this, I will definitely listen to it. While I haven't listened yet, one thing I don't really buy when it comes to blaming Evolve is that it
by hn_throwaway_99 2y ago
Thanks for posting this, I will definitely listen to it.
While I haven't listened yet, one thing I don't really buy when it comes to blaming Evolve is that it should fundamentally be Synapse's responsibility to do reconciliation. This is what completely baffled me when I first worked with another BaaS company - they weren't doing any reconciliation of their ledgered accounts with the underlying FBO balances at the partner bank! This was insane to me, and it sound likes Synapse didn't do it either.
So even if Evolve did make accounting mistakes and have missing transactions, Synapse should have caught this much earlier by having regular reconciliations and audits.
- phonon 2y agoThey claim they did, Evolve kept putting them off, until they ran out of money. There's a full transcript (with some images) below the player btw.