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A Clear Path From Application To Live Bank Account

Clients are assessed on how their business actually operates, with one team guiding them from the first conversation through to the bank account going live.

Overview

Speed and clarity sit at the centre of the process. Following an initial understanding about the client’s business and operations, pricing is set out and agreed to fit the client’s business model, with every service and cost understood in full. The process is then underway, often within the same working day, and a dedicated onboarding team guides the client through each stage that follows.

Step-By-Step Process

Each stage of onboarding is set out below, from the first conversation with our team through to the ongoing review of the bank account once it is open.

  1. Step One (1):

    Initial Conversation And Requirements

    Our team discusses the business model, the markets involved and the services required, building a full understanding of the client’s operations, or the corporation registers directly through the online banking platform.

  2. Step Two (2):

    Pricing Confirmed And Agreed In Writing

    Pricing is set out and agreed in writing before onboarding is started, built around the client’s business model, with each fee and service set out clearly before any commitment is made by either party.

  3. Step Three (3):

    Application On Our Online Know Your Customer (KYC) Platform

    The application is completed on our online KYC platform, covering the corporation, its ownership and the activity the bank account will support, with support available from our team at every point throughout.

  4. Step Six (6):

    Ongoing Account Management And Support

    Our team stays in regular contact with each client to confirm satisfaction, check that the products align with the business, identify any improvements needed and make sure every product is being utilised accordingly.

  5. Step Five (5):

    Bank Account Opened And Platform Access Granted

    Bank account details are issued as soon as onboarding is successful and access to the online banking platform is granted, allowing the client to begin transacting in the currencies agreed during onboarding.

  6. Step Four (4):

    Compliance Review And Due Diligence

    Our Anti-Money Laundering (AML) team reviews the application in full, applying Enhanced Due Diligence (EDD) where the sector or structure of the business requires it, and raises any questions with the client.

Compliance checks are an essential part of onboarding, conducted to satisfy regulatory requirements and to protect both the client and our team for the duration of the relationship.

Learn more about the regulation behind our services:

REGULATION

Scope Of The Review

Areas Covered:

The review builds a full understanding of each corporation before the bank account is opened, and covers the following areas:

  • Corporate Structure: The legal entity, its directors and the ultimate beneficial owners behind it.
  • Business Activity: The services offered, the sector served and the markets the corporation operates in.
  • Licensing: Any licence or registration held and the jurisdiction it is issued in, where applicable.
  • Flow Of Funds: The currencies required, expected monthly volumes and the counterparties involved.
  • Source Of Funds: The origin of the funds expected to move through the bank account, where requested.

Timeline:

Timelines depend on the completeness of the information submitted during the application. Our team confirms an expected timeline at the start of the process and remains in contact at every stage through to the bank account being opened.

After The Bank Account Is Opened:

Once the bank account is open, the online banking platform is available 24/7/365, with additional currencies added as requirements develop and Recon1 reconciliation set up where required. Client information is also reviewed periodically, in line with regulatory requirements.

Get started

Start the process with our team, with every stage managed through to a live bank account.

Once the business and its operations are understood, pricing is agreed in writing and the application is completed on our online Know Your Customer (KYC) platform. Our onboarding team then supports each client through the compliance review and on to the bank account going live, with ongoing account management in place for the life of the relationship.

Start The Process:

Speak to our team to begin onboarding and agree pricing for the multi-currency bank account, or register directly through the online banking platform.

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