Every business is unique, and so are its financial operations. We strive to offer solutions tailored specifically to your needs. To do that, we delve deep into the intricacies of your financial flow and operations. Below are a set of queries that will help us gain a comprehensive understanding of your enterprise. By sharing insights on your business model, geographical operations, transaction types, and more, you’re enabling us to design a banking, payments, and a regulatory compliant platform that aligns perfectly with your goals.
1.0 Business Overview
- What is the primary business model or operation of your company?
- Can you describe the types of financial products or services you are planning to offer?
2.0 Geographical Operations
- In which countries or jurisdictions do you intend to operate or offer your services?
- Are there specific states or regions within these countries that are of primary focus?
3.0 Target Audience
- Who is your primary target audience or customer base? (e.g., consumers, businesses, institutions)
- Do you cater to any specific industry sectors?
4.0 Flow of Funds
The flow of funds is a critical aspect for a fintech payment institution to understand, as it provides insight into the movement of money and the potential risks and complexities associated with it. Here’s a more detailed breakdown set of questions centered around the flow of funds:
4.1 Origin of Funds:
- From which sources are funds typically deposited into your system? (e.g., bank transfers, credit/debit card transactions, third-party payment processors, etc.)
4.2 Transaction Parties:
- Are transactions primarily person-to-person (P2P), business-to-business (B2B), business-to-consumer (B2C), or a mix?
- If there are third-party intermediaries involved, can you list and describe their roles?
4.3 Transaction Types:
- What types of transactions do you primarily handle? (e.g., retail purchases, bill payments, remittances, loan disbursements, investment activities, etc.)
- Do you facilitate cross-border transactions? If so, between which countries or regions?
4.4 Frequency and Timing:
- How frequently do typical users make transactions? (e.g., multiple times a day, weekly, monthly)
- Are there certain times of the day, week, or month when transaction volume spikes?
4.5 Intermediate Steps:
- Once funds are deposited into your system, are they typically moved to another internal or external account, held in escrow, or invested before being disbursed?
- Are there any layered transaction processes, such as funds being transferred to a holding account before final disbursement?
4.6 End Use:
- What is the typical end use of the funds once they are withdrawn from your system? (e.g., cash withdrawals, purchases, investment redemptions)
- Do you anticipate any large single transactions or are they mostly smaller, more frequent transactions?
4.7 Holding Duration:
- How long are funds typically held within your system before they are either transferred out or withdrawn?
- Are there any regulatory or business-imposed limits on the duration for which funds can be held?
4.8 Fee Structures:
- Are there fees associated with depositing, holding, transferring, or withdrawing funds? If so, how are they structured?
- Are any fees deducted from the principal transaction amount, or are they charged separately?
4.9 Return & Disputes:
- How do you handle transaction disputes, chargebacks, or refunds?
- What is the estimated percentage of transactions that result in a dispute or return?
4.10 Risk & Security:
- Have you encountered any fraudulent activities or suspicious transactions in the past? If so, how were they managed?
- Do you have any specific protocols or measures in place to mitigate risks associated with the flow of funds?
5.0 Volume & Scale
- What is the estimated volume and value of transactions you expect on a daily/monthly basis?
- Are there peak periods during which you anticipate higher transaction volumes?
6.0 Regulatory Compliance
- Have you obtained any relevant licenses or regulatory approvals for your operations in the jurisdictions you operate?
- Are there any specific regulatory requirements or constraints you’d like our platform to accommodate?
7.0 Integration Requirements
- Are there specific APIs or technical interfaces you’re looking to integrate with our platform?
- Do you have any unique technical or security requirements?
8.0 Settlement and Reconciliation
- How frequently do you anticipate needing settlement or reconciliation services?
- Do you require any specialized reporting or analytics on transaction data?
9.0 Risk Management
- How do you currently handle fraud detection and prevention?
- Are there specific risk management tools or features you’re seeking from our platform?
10.0 Specific Services
- Are you looking for specific banking services, such as card issuance, merchant acquiring, or treasury management?
- Do you have requirements around payment gateways, direct debits, or wire transfers?
11.0 Operational Support
- What level of operational and customer support do you anticipate needing?
- Do you expect to need support in multiple languages or 24/7 availability?
12.0 Pricing and Contractual Preferences
- Do you have a preference for a particular pricing model (e.g., transaction-based, monthly subscription)?
- Are there specific contractual terms or SLAs (Service Level Agreements) you’re looking to have?
13.0 Existing Infrastructure
- Do you currently have an existing banking or financial services provider? If so, can you share the reasons for transitioning?
- Are there specific challenges or pain points with your current system that you’d like us to address?
14.0 Timeline & Implementation
- What is your expected timeline for implementing our services?
- Are there any specific milestones or deadlines we should be aware of?
15.0 Future Growth
- Are there any expansions or additional services you anticipate needing in the next 12-24 months?
- Do you anticipate any significant changes in transaction volume or service scope in the foreseeable future?
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This page was last updated on October 23, 2023.
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