Corporate Service Provider
FAQ

How much does it cost?+

We work with businesses of all different sizes, contact us with your requirements.

Who handles KYC/AML?+

Using the existing KYC data you have; we can usually verify and create their accounts based on that. We will then handle all AML and transaction monitoring.

What if our client goes direct to you?+

We don’t accept direct customers, only ones that come via our corporate service provider partners.

What information is required for clients to open an account?+

The following documents are required:
Any official document not in English must be translated by a registered or licensed professional translator.

1. Certificate of incorporation

2. Board of directors and ultimate beneficial owners
Shareholder and directors register document (or equivalent)

3. KYC pack for directors and ultimate beneficial owners
ID and Proof of Address (dated within 3 months)

4. Proof of business address
Must be addressed to your company e.g. rental agreement or utilities bill. If one can't be provided, we can support.

Please note: the ID document must be either a passport, driving license or national ID card (front and back). Residential addresses may be provided as a bank statement, utilities bill or driving license (where passport is provided as ID).

What does Multi-Banked mean?+

We have multiple banks and financial service providers available and integrated to the platform, which enables customers to access a broader range of accounts, currencies and payment rails then a single bank could offer.

Where are funds held?+

Core accounts are held in the U.S. with Cross River Bank, a U.S regulated banking partner. Funds never leave tier 1 banks or the SWIFT payment system (The defcato gold standard for international money movement).

Can my client open an account if they are not a U.S registered business?+

Yes, we accept applications from over 180 countries, as long as they are not on the OFAC sanction list. Click here for more information.

What are your policies relating to customer deposit safety?+

All banking partners have a no-lending policy, so our customer deposits are never exposed to any credit risk. Providing 100% anytime liquidity. If you choose to open an account with one of our U.S banking partners, then you will also have the additional benefit of FDIC insurance on funds held.

What is FDIC insurance?+

The Federal Deposit Insurance Corp. (FDIC) is the agency that insures deposits at member banks in case of a bank failure. FDIC insurance is backed by the full faith and credit of the U.S. government.

The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category. This guarantees that their money is safe, as long as it’s within the limits and guidelines.

What does FDIC insurance cover?+

FDIC insurance covers traditional bank deposit products, including checking accounts, savings accounts, certificates of deposit and money market deposit accounts.

The insurance covers up to $250,000 in deposits, per depositor, per FDIC-insured bank, per account ownership category. If an account holder has more than $250,000 on deposit across several accounts at a single bank, in their name alone, anything over $250,000 is not insured.

How the FDIC pays you back after a bank fails?+

Depositors do not need to file insurance claims to recoup their deposits. Nor do they need to apply for deposit insurance when they open up a bank account at an FDIC-insured institution.

When a bank fails, the FDIC pays depositors by giving them an account at another insured bank in the amount equal to what they had at the failed bank, up to the insurance limits. Or, it simply issues the depositor a check.

This usually happens the next business day or within a few days. In some cases, the FDIC has to review an account to determine how much is covered before it reimburses the account holder.

It can take a few years to recover deposits that exceed the insurance limit. As the FDIC sells off a failed bank’s assets, it issues periodic payments to depositors. Funds that exceed insurance limits are repaid on a cents-on-the-dollar basis.

More information can be found on the FDIC website: www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/

Ready to become an introducing partner?