Partnering with banks.
WHY YOU WILL NEED THEM
Accounts, settlement, licensing cover, and access to rails.
WHAT THEY ASSESS
Your regulatory standing Your controls Your customer base and risk profile Your financial position Reputational risk
WHY REPUTATIONAL RISK MATTERS
An institution's own licence depends on its conduct, and your customers become their exposure.
WHAT SLOWS PARTNERSHIPS
Compliance review Legal negotiation Technical integration Internal approval processes
WHAT THAT MEANS FOR PLANNING
Months, not weeks.
WHAT TO PREPARE
Documented policies and controls A clear description of the product and its flows Evidence of your compliance capability Financial statements
WHAT TO EXPECT
Requirements that constrain your product design.
WHAT TO CLARIFY
Who owns the customer relationship Who holds the funds Who bears which risks What reporting you must provide
WHAT TO AVOID
Dependence on a single institution.
WHY
Termination, which happens, would end your operations.
WHAT TO MAINTAIN
The relationship actively, with regular reporting and no surprises.
