FinTech Launch Checklist

Introduction

This document contains all action items that you need to complete in order to launch in Production with an internal testing group. Note that there are activities that require completion on the Synctera side that are not denoted here. The timelines in parenthesis are the amount of time to completion by other FinTechs based on previous launches. By no means is your FinTech bound by these timelines, but it is meant to provide you with a sense of time and effort it will take to complete these items. 

Phase 1: Get started

• Complete Company Profile Form in the Synctera Console

Phase 2: Solutioning

• Define your funds flow

Phase 3: Due Diligence and Matching

• Learn about the Due Diligence and Matching process
• Finalize your pitch deck and business plan
• Complete the Contract with Synctera
• Complete the Ground Control contract 

Phase 4: Implementation & Onboarding 

(6-9 weeks)

• Run KYB on your company/organization
• Submit Proof of Insurance (1 week) Execute contract 1 week ahead of any limited customer launch date.
• Open and fund accounts with the Sponsor Bank (1 week)
• FBO account
  • Operational account ($2,500)
  • Reserve account to absorb fraud losses (minimum of $25,000 and may be adjusted based on your risk profile)
  • ACH settlement account
  • Card settlement account (only applicable if launching with cards)
• Set up Compliance Management System including identifying a qualified Compliance Officer, setting up policies and procedures, and completing compliance training (3-6 weeks)
• Review and submit Account Agreements and Disclosures based on product and customer base (3-6 weeks)
• Share and iterate on Customer Onboarding process / information collection to ensure it is compliant (3-6 weeks)
• Submit Information Security policies (3-6 weeks)
• Submit Third Party Risk Management Program (3-6 weeks) Begin requesting vendor information at least 4 weeks before full live launch date.
• Complete API integration in Sandbox (3-6 weeks)
• Complete Penetration Testing (1 week) Schedule the pen testing 6 weeks ahead of full live launch date
• Provide proof of Business Continuity Plan / Disaster Recovery Plan and proof of DR testing (2-4 weeks)
• Set-up Tier 1 Customer Support program.
• Provide feedback on KYC / KYB default rules (1 week)
  • Utilizing a non-Synctera vendor for KYC / KYB requires separate approval
    • Rules and configurations have been shared for KYC / KYB rules
    • KYC / KYB checks and results flow into the Synctera platform including customer documentation
    • Qualified compliance operations team has been identified and background shared with the Sponsor Bank
• Provide feedback on Fraud default rules (1 week)

Cards checklist

 (4-8 weeks)

• Submit and have card art approved by Arroweye (2 weeks)
• Submit and have card carrier art approved by Arroweye (2 weeks)
• Build and surface the Cardholder Agreement (as an insert or hosted on website/application) (1 week)

Apple & Google Wallet checklist

(4-8 weeks)

• Submit Tokenization Form to Synctera and card assets
• Sign the Apple Agreements

Instant Account Funding / Instant Push to Card checklists

(~4 weeks)

• Complete launch tasks

Other tasks

• Understand compliance considerations for marketing financial products
• Submit your financial product or FinTech app to app stores
• Set up your waitlist (if desired)