What is the time frame for solution provider approval?

The question in full

Time frame for solution provider approval is the most searched metric for fintech founders eager to launch. While modern APIs can be integrated in days, the regulatory 'Green Light' from a Licensed MSB or Sponsor Bank takes significantly longer.

Answer

Typically, finding you a solution provider takes about 10 business days. The actual sign-up process, once a solution provider has decided to accept you in principle is about 3-5 weeks for due diligence to be completed on you. There is no concrete number on this time frame. Depending on the load with the compliance department, and the licensed financial institution in question, this could be as short as one week and as long as five weeks. Once the approval is granted, signing the contract with the licensed financial institution on the agreed term sheet and contract as provided by them, typically takes between one to two weeks maximum.

What is the time frame to get approval from the solution provider?

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