TabaPay has abandoned its plans to purchase the assets of troubled banking-as-a-service startup Synapse, TabaPay confirmed to TechCrunch today. Synapse says the problem is banking partner Evolve Bank Trust. And Evolve says it is not involved, and not to blame. Meanwhile, another player in the saga, Mercury, says Synapse’s allegations have “no merit.”Synapse’s counsel declared in bankruptcy court on Thursday that the deal would not be moving forward, Fintech Business Weekly’s Jason Mikula shared on LinkedIn. A spokesperson for TabaPay confirmed to TechCrunch on Thursday afternoon that the company had “pulled out,” but did not provide additional details. Synapse CEO and co-founder Sankaet Pathak, however, believes that TabaPay can still be convinced to stay in the deal. He told TechCrunch that his “understanding is that TabaPay is still interested in doing the acquisition, but Evolve has failed to meet their closing condition for TabaPay to be able to close.” That closing condition is that Evolve Bank Trust must fully fund its FBO accounts and has thus far failed to do so, according to Pathak

Innovation is a key factor in any company’s ability to succeed in the long run. And so are the ways in which they pay and get paid. That’s why, within the B2B payments landscape, innovation plays a crucial role in enabling businesses to streamline processes, reduce costs, mitigate risks and enhance the overall efficiency and effectiveness of their payment operations. As technology continues to advance, we can expect further innovations to reshape the way B2B payments are conducted, ultimately driving global commerce to new heights

Bad things can happen to good companies. And with the news Friday (April 12) that instant money movement platform TabaPay is acquiring Synapse’s assets following the latter’s bankruptcy, operational resilience is increasingly top of mind for firms. Against a macro backdrop embattled by global pandemics and geopolitical tensions, the ability to withstand and recover from financial shocks, is becoming a strategic imperative for long-term success and stability. So much so, in fact, that the United Kingdom is making operational resilience a requirement for regulated financial entities, as per the U.K. Financial Conduct Authority’s (FCA) policy statement “Building Operational Resilience” (PS21/3) and the Prudential Regulation Authority’s (PRA) Supervisory Statement “Operational resilience: Impact tolerances for important business services” (SS1/21)