In March, Synovus Bank named Jonathan O’Connor its first-ever chief third-party payments officer, and CEO of its wholly-owned fintech subsidiary, Maast.
He now leads the bank’s third-party payments business, including merchant services and sponsorships, in an effort to expand growth opportunities in the payments space; and at Maast, he looks to push its banking-as-a-service and embedded finance solutions nationwide.
O’Connor has spent 15 years fully immersed in the fintech space, with time spent as U.S. CEO and group chief commercial officer at U.K.-based payments service provider Trust Payments and as adviser to the CEO at Minneapolis, Minn.-based payments solutions company Deluxe Corp.
He also spent 13 years at financial services firm First Data, acquired by Fiserv in 2019; there, he held several commercial leadership roles.
At Maast, O’Connor has taken the reins from co-founder and former CEO Tom Bell, who after two years said he “couldn’t be more pleased” to pass the business over to a new leader, according to a LinkedIn post.
“The foundation has been built, the addressable market is clear, the pipeline is growing, and the teams are poised to take the industry by storm,” wrote Bell, who was also previously executive director of third-party payments.
O’Connor spoke with Banking Dive on his new roles and what he predicts in the fintech world moving forward.
Editor’s note: This interview has been edited for brevity and clarity.
BANKING DIVE: What action items are on your list, and what are you most excited about, as Synovus’ chief third-party payments officer?
JONATHAN O’CONNOR: Top of mind is showcasing how the combined offerings of [independent sales organization] sponsorship, merchant services and Maast can be a beacon for innovative new offerings; growing the bank while becoming the regulatory and compliance gold standard in the industry; and earning the right for business every day with consistent client support and easy integrations, a challenge every company faces and one that we will prove to be the leaders in the ever-changing BaaS and payments industry.
The third-party payments team at Synovus is unique in the industry. It’s the only place I can think of that touches every stage of a transaction’s lifecycle and has the potential for breakthroughs in settlement, instant funding and linking ISO sponsorship with BaaS.
How about as Maast CEO?
The reason I joined to lead this amazing team is to position Maast as an industry leader in the reshaping BaaS landscape 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 the path to showcase its dynamic growth and adaptability in the ever-changing industry and regulatory and compliance landscape. At the core of BaaS lies innovation, offering cutting-edge solutions that cater to the evolving demands of consumers and respond adeptly to market trends.
As technology, regulatory frameworks and strategic alliances continue to play pivotal roles, Maast is poised for a metamorphosis that prioritizes innovation and client-centric solutions. Unlike other players, Maast is backed by Synovus Bank with a more than 130-year heritage of innovation and security and $60 billion in assets.
Together, we stand at the forefront of a revolution that promises to shape a future where banking innovation, client-centricity, maturing compliance/regulatory frameworks and strategic partnerships harmonize to drive unprecedented value and prosperity in the realm of embedded finance.
What lessons did you learn from your positions at Trust Payments and First Data that you bring to Synovus and Maast?
I’m an accountant with a master’s in IT and a passion to win on the commercial playing field. When you bring these three pillars together, what you have is a 360-degree view of business. Over the past 30 years, I’ve been fortunate to witness and participate in the global payments and banking landscape. In the last five years, it’s been exciting to see how much has changed in the payments industry.
The lessons I bring to Synovus and Maast have been cultivated into playbooks for how to manage growth, change and innovation while protecting and layering controls to limit residual operational and reputational risk.
What do fintech executives need to keep in mind in the current regulatory environment?
Compliance is not just a requirement — it's an opportunity to showcase integrity and build trust. We embrace regulatory standards with enthusiasm and diligence, which sets us apart as industry leaders, demonstrating our commitment to transparency, security and ethical practices.
By staying agile, proactive and innovative in navigating regulatory landscapes, we can turn challenges into advantages, ensuring sustainable growth, fostering credibility and inspiring confidence in our stakeholders.
By championing compliance as a cornerstone of our operations, we can pave the way for sustainable success, shape industry best practices and position ourselves as trailblazers in the ever-evolving fintech landscape.
It's not just about meeting regulations; it's about setting new benchmarks, shaping the future of fintech, and leading with unwavering integrity and accountability. Remember, in this dynamic regulatory environment, our commitment to compliance isn't just a mandate — it's a strategic advantage that propels us toward enduring prosperity and leadership in the financial technology sector.
What do you see as some of the most interesting innovations in fintech today?
We are witnessing a convergence of previously disparate financial products coupled with groundbreaking technologies such as AI, neural network, global views on fraud and risk management solutions, blockchain and data analytics. This is fueling a wave of transformative solutions that revolutionize how we interact with money, investments and transactions. These innovations not only enhance efficiency and convenience but also democratize access to financial services, empowering individuals and businesses worldwide.
By embracing these cutting-edge advancements with vision and passion, we are unlocking unprecedented opportunities, enriching client experiences and driving a new era of financial empowerment and prosperity. The most exciting innovations in fintech are not just about what they achieve today, but the limitless potential they hold to shape a more inclusive, dynamic and prosperous financial landscape for tomorrow.
