LogoLogo
StatusChangelogDashboardCreate a Ticket
  • Getting Started
  • Intro to APIs
  • How to Contact us
  • How to Go-Live
  • Intro to Risk
  • Intro to Spec Sheets
  • Product Guides
    • Deposit Hub
      • 🌎Global Cash
    • Credit Hub
    • Payment Accounts
    • ID Score
  • API References
    • OAuth
      • OAuth Object Details
      • Create OAuth Key
      • Generate Refresh Token
    • Users
      • User Object Details
      • Testing on UAT
      • View All Users
      • View User
      • Create User
      • Update User
      • Generate UBO Doc
      • Manage Duplicates
      • Allowed Document Types
      • Allowed Entity Scopes
      • Allowed Entity Types
    • Nodes
      • Node Object Details
      • Testing on UAT
      • View all User Nodes
      • View Node
      • Create Node
      • Update Node
      • Generate eCash Barcode
      • Allowed Node Types
      • View ATMs
    • Subnets
      • Subnet Object Details
      • Testing on UAT
      • View all Node Subnets
      • View Subnet
      • Create Subnet
      • Update Subnet
      • Push to Wallet
    • Shipments
      • Shipment Object Details
      • View all Subnet Shipments
      • View Shipment
      • Create Shipment
      • Cancel Shipment
    • Statements
      • Statement Object Details
      • View all User Statements
      • View all Node Statements
    • Transactions
      • Transaction Object Details
      • Testing on UAT
      • View all User Transactions
      • View all Node Transactions
      • View Transaction
      • Create Transaction
      • Create Batch Transactions
      • Cancel Transaction
      • Retry ACH Transaction
      • Dispute Chargebacks
      • Dispute Transaction
    • Subscriptions
      • Subscription Object Details
      • Webhook Object Details
      • Testing on UAT
      • View all Subscriptions
      • View Subscription
      • Create Subscription
      • Update Subscription
      • View Webhook Logs
    • Miscellaneous
      • Dummy Transactions
      • Verify Address
      • Verify Routing Number
      • International WIRE-INT Required Data by Country
      • View Billers
      • View Enriched Data
      • Loan Limits
      • Transaction Decisioning
      • 3D Secure
      • Virtual Terminal
      • Pre-Authorization
      • Card Disputes Guide
      • Mobile Wallets
      • Interchange Revenue
      • Enrichment Guide
  • Developer Guides
    • User Onboarding
      • Create User Flow
      • Authenticate as the User
      • Create Node Flow
        • Cash Advance
        • Credit Builder Loan
        • One Time Loans
        • Secured Open Loans
        • Secured Revolving Loans
        • Unsecured Revolving Loans
      • Create Subnets Flow
        • Creating Cards
        • Creating AC/RT
      • Linking External Accounts
        • Linking Cards
        • Linking External Bank Account
      • Add Additional Documents
    • Account Details
      • Displaying Balances
      • Transaction History
      • Transaction Details
      • Account Agreements
      • Node Statements
      • Card Details
    • Managing Cards
      • Card Preferences
      • Setting PIN
      • Mobile Wallet Flow
        • Integrate with Apple Pay
        • Integrate with Google Pay
        • Integrate with Samsung Pay
      • Shipping Cards
    • Originating Transactions
      • Sending Fed Wires
      • Sending ACH Transfers
      • Sending International Wires
      • Deposit a Check
      • Issuing Checks
      • Recurring Transactions
      • 3rd Party Payment Accounts
      • Cancelling Transactions
      • Exceeding Origination Limits
    • Receiving Transactions
      • Transaction Decisioning
      • Receiving ACH / Wires
      • Card Transactions
      • Exceeding Inbound Limits
    • Managing Disputes
      • ACH Disputes
      • Card Disputes
    • 3rd Party Integrations
      • Payment Integrations
      • Account Aggregators
      • 3rd Parties & Compliance
  • Recipes
    • Overdraft Protection
    • Social Banking
    • Monetizing Transactions
Powered by GitBook
On this page
  • Platform Info
  • Fundraising & Financial History
  • Synapse Use Case
  • KYC Program
  • Document Requirements
  • KYC Policy
  • Lending Program
  • Lending Box
  • Underwriting Policy
  • Transaction Limits

Was this helpful?

Export as PDF

Intro to Spec Sheets

PreviousIntro to RiskNextDeposit Hub

Last updated 4 years ago

Was this helpful?

Synapse provides an easy-to-understand program overview to each platform prior to going live. This enables both parties (you and us) to be on the same page with the product and service offerings. This is also very helpful when regulators have questions about certain programs as it provides an overview of controls and flows of funds, among other details.

We call this program overview a Spec Sheet. of what a Spec Sheet looks like.

In this section we will be walking you through various aspects of a Spec Sheet, to ensure you have a clear understanding of how to navigate the document and the purpose it serves.

Platform Info

This section has basic company information, how you are planning to monetize your product, and who your target audience is.

Customer Demographics is broken down into the following sections:

Demographic

Description

Under-Banked

The end users historically have had limited-to-no access to financial products.

Banked

The end users historically have been moderately banked. So they've had access to deposit accounts, but not low APR loans, for example.

Well-Banked

The end users are well represented by mainstream financial products. They tend to be on the higher end of the socioeconomic ladder and have access to most mainstream financial products.

Fundraising & Financial History

Synapse Use Case

The section further describes each product and feature that the platform will be utilizing.

Currently, we support the following account types:

Account Type

Description

Individuals

End users will be individuals

Businesses

End users will be business entities

Joint Accounts

End users will be opening combined accounts together (E.g. families).

Third-Party Payment Accounts

No end users, user accounts will be opened for third parties that the users need to send payments to.

This is usually done in conjunction with the above account types as this is a way for your users to make payments to individuals/entities that are not a part of your platform.

KYC Program

The next section documents a platform's KYC Program, starting with document requirements and then an overview of the KYC Policy:

Document Requirements

CIP Tag 1 will be opening accounts for individuals who only need to have access to deposit accounts. For this user segment, the platform will be collecting Base Document (Name, Email, Phone, Address, DOB, and IP Address) and the user's SSN. But if the ID Score is below 0.70, the platform will also be collecting front and back of the user's Government Issued ID and Video Auth.

CIP Tag 2 is an example of the same user type but the ID Score Clip is 0.80 vs 0.70. Separating user types in this way ensures that your platform has granular control over the requirements and aligns customers to those requirements to help mitigate risk.

CIP Tag 3 is an example of a third-party payment account, the platform will only be collecting base documents on the individual/entity.

KYC Policy

Lending Program

Since in this example the platform is offering credit services, they will also have a Lending Program section in the Spec Sheet. This section has two subsections: Lending Box and Underwriting Policy.

Lending Box

This section goes over the basic terms of the loan. The max amount, APR, and payment schedule.

Underwriting Policy

Transaction Limits

This is the final section of the Spec Sheet that goes over how much a user and the platform (in aggregate), are able to process through Synapse.

Transaction Limits are a function of your operating capital and the overall fraud occurring on the platform and can be updated over time.

In this example, the platform wants to slow down settlements for ACH and RDC Pulls by 3 business days since that poses a risk of financial loss for the platform, while the rest of the transactions settle as usual.

Since offering financial products pose a financial risk (see: ), understanding your operating capital and runway gives us the information we need to help underwrite you as a platform. This information also helps us determine what kind of payment limits we should be offering in the first iteration of your product.

This section helps break down, in Synapse terms, exactly what product you are looking to offer. The diagram above illustrates that the platform wants to issue two kinds of products (Interest Carrying Deposit and Custody) and one product (One-Time Loan).

The platform also intends to utilize our for funding the deposit account or paying bills, while also utilizing it for making loan repayments.

Lastly, the platform will be utilizing to enable direct debit or credits in and out of the user's deposit account. While also to build a debit card product on top of the deposit account and a charge card product on top of a custody account.

In this section, we document various users, the products and KYC required to enable those products. For instance, in this example, the platform will be opening accounts for three user segments, so we will be differentiating them with different CIP tags (see: ).

In this section, we ask that the platform articulates its KYC and Risk Strategy (see: ). This is benefical as it helps reduce the risk that accompanies offering a financial product.

In this section, we ask that the platform articulate its underwriting policy and strategy (see: ) for issuing loans. Providing an underwriting policy is an important part of providing access to credit responsibily as it can become a source of financial loss for the platform.

In this section, you will also find information on your Sub BINs and the Card Style IDs. Card Style IDs are used when you to your users.

Intro to Risk
Deposit Hub
Credit Hub
Payment Accounts
Intro to Risk
ship a card
Here is an example
Account Number Issuance
Issuing Cards
User Details
Intro to Risk