While both side's engineering teams and business development teams are engaged, our Compliance & Boarding team will manage a parallel review process broken down into four milestones:
As an acquirer processor and independent sales organization (ISO) to our partnering Sponsor Banks (i.e. Acquirers), TabaPay conducts a compliance review first on the bank's behalf. Our goal is to uphold BSA/AML compliance obligations to the level of our partnering Sponsor Banks and also to help you put your best foot forward.
To qualify, your company at a minimum* must:
- Provide complete and proper corporate and financial documentation
- Have a functioning website that displays Terms and Conditions to the cardholder
- Not be subject to any administrative or regulatory enforcement action, pending or threatened class action lawsuits
- Not have any ultimate beneficial owner ("UBO") on any sanctions, watch, or Politically Exposed Persons (PEP) lists
- Have never before been kicked of a payment network for violated network standards or rules
- Financially be able to meet its its operational obligations and those related to payment settlement exposure or other potential liabilities resulting from adverse payment events such as chargebacks, fines, or reversals
Some industries or use cases, especially those involving money transfer activity, are subject to enhanced requirements and review, and must also have (1) evidence of licensing or legal opinion depending on vertical, (2) a BSA/AML program, and (3)an independent BSA/AML audit if or when available.
Please reach out to your sales representative or [email protected] if you have any questions or concerns regarding your use case, merchant category, and related requirements.
For more detailed information what you need to succeed during Milestone 1, click here
Sponsor Banks each come with unique requirements, risk appetites, and processes which we've become attuned to through working closely with them. They trust us to ask questions that represent their interests and concerns during Milestone 1. Assuming we've done our job, we can answer any questions the bank may have in Milestone 2 and there should be little to no friction getting you approved by the bank. Milestone 2 is really when the bank ensures that we've done our job so that you can do yours.
If your program involves disbursing to cardholders, this phase also includes opening a disbursements account at the Sponsor Bank. You will be given the account RT & DDA, as well as online access so you can monitor your balance.
Our top request from customers is the ability to accept or disburse to debit or credit cards. Card networks enforce standards and processes that are upheld by Sponsor Banks, acquirer processors, ISOs, and other parties to a transaction. While there may be commonalities and parity between card networks, they all have different processes and nuances to their rules that TabaPay and Sponsor Banks are audited against.
Your engineers are seeing successful test transactions in sandbox and are ready to certify. The bank has given you a nod. The networks are ready for your business. You're almost across the finish line. This phase of our boarding process is really about wrapping up loose ends mostly consisting of:
- Technical Certification to TabaPay's API
- Fraud Education
- Customizing your AML Transaction Monitoring reports so you can monitor activity on your platform.
- Configuring Account Information; NOTE: any disbursement (PUSH) activity requires an account at the Sponsor Bank.
- Settlement Call with TabaPay's Finance Team.
- Finalizing the Agreement
Once the banks and networks have approved, and these six threads are tied up, your engineers will receive production credentials and you can go into live testing.
Updated 5 months ago