Integration of Service Providers
Acquiring a financial license is just the beginning towards achieving your digital bank goals. To ensure effective operations and meet your customers' requirements, it is necessary to be able to provide core services like SWIFT, account opening, money transfer, card issuance, and many other.
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INTEGRATION OF SERVICES
We have taken great care in selecting a broad range of trustworthy third-party service providers that can effectively meet the specific requirements of your business model, geography, and customer needs.
SWIFT, SEPA, TARGET2, CHAPS, FPS
Money Remittance
Multi-currency IBAN Accounts
Currency Exchange at Favorable Rates
Physical and Virtual Prepaid Cards, White Label Cards
Acquiring and Merchant Accounts
Crypto Wallets and Liquidity Providers
Crypto-Fiat-Crypto Exchange and Pair Swaps
PROCESS
1
Selection of Appropriate Service Provider
Choose a suitable service provider that meets your specific needs, compatible with your license type, serve jurisdictions and industries you are interested in. Make sure selected service provider does not impose restrictions on beneficiaries or shareholders.
2
Introduction to Service Provider
We facilitate introductions between license holders and service providers. Our team guides and assists you throughout the compliance check process, ensuring that all documentation is properly prepared and that you are fully integrated and can successfully operate.
3
Software Link
We help with API integration of the service provider into our software solution, if possible, or assist with manual/semi-automated integration to your business model. If your software permits it, you may also be able to integrate the third-party service provider’s API into your own software.
Q&A
License itself is not enough. You need to have a proper counterpart (usually third party) who can facilitate essential services for you. For example, to provide your customers money remittance service, you need to have an agreement with Payment System Provider (PSP), who in turn is eligible for making transactions within SWIFT or other environment.
No, we are not a service provider. We provide you consultancy services to find and select right provider for you. Those are 3rd party companies, not related to us from ownership/beneficiary stand point, and act independently. However, we have pre-selected a range of companies to provide reliable services to our clients.
Yes and no. Services, as such, could be similar, but differences could be crucial. Some providers may refuse to accept your license type or beneficiaries/executives of certain nationalities. Some service providers may refuse to provide money remittance or card issuing among certain geographies or customer on-boarding in these regions. Different providers may offer different operational currencies set
No, not until we officially start our cooperation and payment is made, this is our commercial know-how. Once we proceed with project, we will present you the list of service providers, functionality, approximate costs to agree on desired development path.
In the beginning of cooperation, we outline your key preferences of what should be the scope. It may happen, that service provider does not offer full solution, and we will do our best to provide you alternative provider with a better proposition. This is why we have pre-selected a range of service providers.
We cannot guarantee 100% of services to be provided, as it depends on capabilities of 3rd parties. The best solution is to integrate few providers, covering different areas to get as close as possible to your desired business model.
It may take time to find a right company for your needs. If your intention, for example, is to serve money remittance in high-risk jurisdictions or secondary/low-tier currencies, then we will find you such type of provider accepting high risks.
As a standard package we offer 2-3 service providers, which cover all key needs. However, in order to diversify risks and secure more service channels, we recommend our customers to seek for more than 1 service provider per selected function. As a rule of thumb – this risk aversion strategy to have several providers works best.
No, we cannot guarantee that. But we will try to do our best upfront, to understand what factors can influence negative outcome and how to avoid it. Typical reasons for refuse are beneficiaries/executives from "high risk" jurisdictions, inappropriate license type, non-compliant on-boarding/operational jurisdictions, lack of correct internal AML/KYC policies or financial crime records of the owners/executives.
Typically, from 1 month and up to 6 months or more, depending on type and quantity of service providers. Timing is driven by their internal compliance policies and process speed.
No. All service providers are different, and do not necessarily offer API integration or external interface. This is investigated by our IT department on a later stage, and if there is a possibility — we can do it for you. For key pre-selected service providers full API integration is possible.
This depends on rules and policies of particular service provider. In most cases delays are caused by compliance verification issues and lengthy due diligence of beneficiaries/executives.
I have my own license and software. Can you still help me with integration of service providers?
We will provide all necessary documentation and will guide you through application process. Then service provider will perform check, if client passes through their compliance requirements. Those include (but may not necessarily be limited to): live introduction, ID approvals, criminal records, proof of address, acceptable jurisdiction of the company/beneficiaries/executives, proof of funds.
Canada. Company’s and license jurisdiction is Canada, therefore all statutory reporting should be handled in Canada. We provide our clients a full operational support on an on-going basis for an extra fee.
In case client uses 3rd party payment service provider (PSP), customer’s money is kept at the current accounts of such PSP, and are subject to domestic banking regulation of the jurisdiction they are in.
Not directly. You can choose service providers, operating in desired jurisdictions, but unless you have your own connected SWIFT and ability to open current accounts (different license), this is beyond your direct control.
Yes, we offer integrations allowing conversion crypto-fiat, followed by a transaction to a bank — we have a selection of liquidity providers to secure this type of operation.
No. All transactions, done through your digital bank or payment system will be a subject to KYC/AML and other compliance policies, including reporting, performed by integrated service providers. This happens because those providers are typically operating under different licenses and connected to the banks, therefore they are a subject of strict financial institution control.
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Madeira, Portugal
Rua das Pretas 43, Andar 3, Sala 9, Funchal 9000-049
Rua das Pretas 43, Andar 3, Sala 9, Funchal 9000-049
+371 2811 4110
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