Compliance is an ‘opportunity to demonstrate integrity’: Marst CEO Jonathan O’Connor

In March, Synovus Bank appointed Jonathan O’Connor as its first head of third-party payments and CEO of its wholly-owned fintech subsidiary, Marst.

He currently leads the bank’s third-party payments business, including merchant services and sponsorship, with a view to expanding growth opportunities in the payments space. Maast also aims to scale its banking-as-a-service and embedded financial solutions nationwide.

O’Connor has been deeply involved in the fintech space for 15 years, including serving as U.S. CEO and Group Chief Commercial Officer for Trust Payments, a UK-based payments services provider, and as an advisor to the CEO of Deluxe Corporation, a Minneapolis, Minnesota-based payments solutions company.

He also spent 13 years at First Data, a financial services company that was acquired by Fiserv in 2019. There he held several commercial leadership roles.

According to a LinkedIn post, O’Connor will take over the reins at Marst from co-founder and former CEO Tom Bell, who said he “couldn’t be more pleased to hand over the business to new leadership in two years.” ” he is said to have said.

“The foundation is built, the addressable market is clear, the pipeline is growing and the team is poised to take the industry by storm,” wrote Bell, who also previously served as executive director of third-party payments.

In an interview with Banking Dive, O’Connor spoke about his new role and what the future holds for the fintech industry.

Editor’s note: This interview has been edited for brevity and clarity.

Banking Dive: As Chief Third Party Payments Officer at Synovus, what action items are on your list and what are you most excited about?

Jonathan O’Connor: Most notably, [independent sales organization] Sponsorship, merchant services, and Maast are pioneering innovative new services. Becoming the gold standard in regulation and compliance for the industry while growing the bank. This is a challenge every company faces, and one that will prove us as a leader in the ever-changing BaaS and payments industry.

Synovus’ third-party payments team is unique in the industry: we’re the only place I can think of that touches every stage of the transaction lifecycle, with groundbreaking potential in payments, instant funding, and linking ISO sponsorship with BaaS.

What about as CEO of Maast?

I joined to lead this incredible team to position Maast as an industry leader in the BaaS environment that is being reshaped as we all go through this period of transformation and player repositioning.

The good news is that BaaS has weathered the storm and is on a path to demonstrate its dynamic growth and adaptability in an ever-changing industry, regulatory, and compliance landscape. Innovation is at the core of BaaS, delivering cutting-edge solutions that meet the evolving demands of consumers and respond appropriately to market trends.

As technology, regulatory frameworks and strategic alliances continue to play a key role, Marst is poised for innovation and customer-focused transformation.-Central Solution. Unlike other players, Maast is backed by Synovus Bank, which has over 130 years of innovation and security tradition and $60 billion in assets.

Together, we are at the forefront of a revolution that will shape the future where banking innovation, customer centricity, mature compliance/regulatory frameworks and strategic partnerships come together to drive unprecedented value and prosperity in the embedded finance space. I am.

What lessons did you learn from your roles at Trust Payments and First Data that you applied to Synovus and Maast?

I am an accountant with a Masters in IT and a passion to win in commerce. These three pillars combined give me a 360 degree view of my business. Over the last 30 years, I have been fortunate to witness and be involved in the developments in the global payments and banking industry. It has been exciting to see how significantly the payments industry has changed in the last 5 years.

The lessons I brought to Synovus and Maast were distilled into a playbook on how to manage growth, change, and innovation while securing and layering controls to limit residual operational and reputational risks.

What should FinTech business owners keep in mind in the current regulatory environment?

Compliance is not just a requirement, it’s an opportunity to demonstrate integrity and build trust. Our enthusiasm and diligence in embracing regulatory standards distinguishes us as an industry leader and demonstrates our commitment to transparency, security and ethical practices.

By being nimble and proactive in navigating the regulatory environment and remaining innovative, we can turn challenges into strengths, ensure sustainable growth, increase credibility and increase stakeholder trust.

By promoting compliance as a foundation of our operations, we will pave the way for sustainable success, shape industry best practices, and position ourselves as pioneers in the ever-evolving Fintech industry.

It’s not just about complying with regulations. It’s about setting new benchmarks, shaping the future of fintech, and leading with unwavering integrity and accountability. In this dynamic regulatory environment, we must remember that our compliance efforts are not just an obligation, but a strategic advantage that propels us toward lasting prosperity and leadership in the financial technology space.

What do you think are the most interesting innovations in fintech today?

We are witnessing the convergence of previously disparate financial products in combination with breakthrough technologies such as AI, neural networks, a global view on fraud, risk management solutions, blockchain, and data analytics. I’m doing it. This is driving a wave of innovative solutions that are revolutionizing the way we interact with money, investing, and trading. These innovations not only increase efficiency and convenience, but also democratize access to financial services and empower individuals and businesses around the world.

By embracing these cutting-edge advances with vision and passion, we are unlocking unprecedented opportunities, enriching the customer experience, and driving a new era of economic empowerment and prosperity. The most exciting innovations in fintech are not only delivering results today, but also have unlimited potential to shape a more inclusive, dynamic and prosperous financial environment in the future.