How to Go-Live
This is an overview of our implementation process. We will share a more detailed timeline as part of your Implementation Guide.
ETA: 1-2 WeeksCreate Account & Setup Billing
Setup your account and billing to kick off your implementation.
Submit Due Diligence
Please submit this as soon as possible to prevent delays! We must complete due diligence on your company and beneficial owners prior to receiving bank approval.
Kickoff Call
During the kickoff call, we will go over:
- 1.Your Implementation Timeline
- 2.Your Spec Sheet (detailing your product and any relevant controls)
- 3.Your API Guide
- 4.Best Practices (weekly calls, issue tracker, communication channels, etc)
Program Sandbox Controls
You will receive a custom test environment ("sandbox") that matches the controls outlined on your Spec Sheet, allowing you to test in an environment that closely mirrors what you should expect in production.
ETA: 2-6 WeeksThird Party Partner Setup
Synapse will work with you to receive necessary approvals and setups from third party partners. These can be done in parallel with other steps and includes:
- Physical Card Setup with Card Printers
- Card Acquiring with Networks
- Mobile Wallet Setup with Networks and Partners
- Account Aggregation with Banks
Compliance Review
Synapse will request a number of documents, screenshots and acknowledgments to ensure the necessary compliance disclosures and marketing components are in place.
Fund Reserve Account
Your reserve is used to cover potential losses. The initial funding amount is agreed upon during the Spec Sheet process.
Sign Beta Acknowledgement
While in Beta, we ask that you clearly disclose to your users that your product is still in Beta. This is helpful if there are regulatory inquiries while you are in Beta.
Receive Bank Approval - Provisional
Our partner bank(s) review your due diligence once it is submitted to grant provisional beta approval.
Program Production Controls - with Beta Cap
Your production environment allows you to test real users and real transactions. Please note that we cap the number of users while you are finishing up your Beta testing.
ETA: 2 WeeksReceive Bank Approval
Prior to going fully live, we will [again] submit your updated documentation, along with your completed reviews, to our partner bank(s).
Remove Cap on Users
Once we receive full approval, we will remove the cap on the number of users that you can onboard.
Go-Live Kickoff Call
Synapse will close out any remaining items from your implementation and walk you through what to expect now that you are live!
Model Validation
After you have two weeks of data and some minimum usage, Synapse will review your users' activity. This allows us to catch potential concerns before you roll out your product at scale.
Ongoing UDAAP Marketing Reviews
Prior to new Marketing roll-outs, please provide all materials to Synapse for review.
Synapse partners with multiple card vendors to support your physical card needs.
We will facilitate a direct line of communication between you and any of our vendors so you can fully leverage their expertise.
Timelines are ultimately dependent on the vendor. However, cards generally fall into two categories:
- Print-on-Demand Cards
Timeline: 6-8 WeeksPrint-on-Demand cards are plastic cards with basic customization options. Opting for a Print-on-Demand card is the fastest option to get something to market since it does not require long lead times to print, nor does it require purchasing card inventory in advance. However, these cards have limited options for materials, finishes, and other customizations.Standard Card Package:- Card (Plastic; Glossy Finish)
- Generic White Envelope (Optional Black/White Logo in Address field)
- Carrier (Letter or 5x7 Paper Card to affix debit/credit card onto)
- Activation Label (Sticker affixed to Card) - OPTIONAL
- Inserts - OPTIONAL
- Custom Inventory Cards
Timeline: Dependent on level of customizationInventory Cards allow for additional customizations of materials and finishes beyond what a standard Print-on-Demand card supports. Because these cards are highly customized, they require the purchase of inventory upfront and additional lead times. Exact lead times are subject to the printer’s printing schedule upon finalizing art.
Last modified 1yr ago