FinTech Launch Checklist

Overview

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. 

Before you begin the launch process

• Complete Company Profile Form in the Synctera Console
• Learn about the Sponsor Bank due diligence process
• Finalize your pitch deck and business plan
• Define your funds flow
• Set up your waitlist (if desired)
• Understand compliance considerations for marketing financial products

General checklist 

(6-9 weeks)

• Complete the Contract with Synctera
• Complete the Ground Control contract 
• 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 ($25,000)
  • ACH settlement account
  • Card settlement account (only applicable if launching with cards)
• Submit required Risk & Compliance policies, procedures, and disclosures (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 Socure default rules (1 week)
• Provide feedback on Feedzai 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

Optional tasks

• Submit your financial product or FinTech app to app stores