Transaction Monitoring

Overview

This guide provides the data specifications required for transaction monitoring in our BIN Sponsorship program. It outlines the data necessary for Anti-Money Laundering (AML) compliance and explains the key entities involved in transaction monitoring.

🚧

Please note that these lists are not comprehensive.

Engagement and Setup

---

Step 1: Initial Engagement

We’ll provide detailed implementation documents outlining data requirements for transaction monitoring. These documents include:

• File specifications
• Transaction type templates
• Testing requirements
• Error handling procedures

File Specification Requirements

The following data is required for transaction monitoring:

File Format

• Type: Pipe-delimited text
• Encoding: UTF-8
• File Extension: .txt

File Naming Convention

• Format: customerfiletype.txt
• Example: customer1_cardholders20240910.txt

Data File Entity Definitions

Cardholder

• The cardholder entity contains personal details of the individual associated with the card, such as legal name, address, phone number, and government-issued ID. Cardholder data is crucial for verifying identity and preventing fraud. For a full list of requirements including data format, naming conventions, data fields, please visit the Cardholder Requirements page.

Card

• The card entity includes data about the payment card issued to the customer, such as card number, open date, expiration date, status, and balance. For a full list of requirements including data format, naming conventions, data fields, validation rules please visit the Card Requirements page.

Posted Transactions

• This entity captures data on all financial transactions made using the card, including merchant information, transaction amount, and date.For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Posted Transactions Requirements page.

Business

• The business entity represents the legal entity issuing the card. It includes business registration details and ensures compliance with regulatory requirements. For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Business Requirements page.

Beneficial Owners

• The beneficial owners' entity includes information on individuals with at least a 25% ownership stake in the business. It provides ownership percentage, identification, and role details. For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Beneficial Owners Requirements page.

Step 2: Kickoff Call

We’ll schedule a kickoff call to review the implementation documents, discuss timelines, and outline the testing process. This serves as a roadmap for the implementation.

Path to Production

---

Step 3: Requirements Sign-Off

Before implementation, we’ll need a formal sign-off on all requirements to ensure alignment and readiness to proceed.

Step 4: Implementation and Testing

Once sign-off is complete, you'll begin sending test data in the agreed-upon format via our file transfer process. We’ll conduct thorough end-to-end testing in both UAT (User Acceptance Testing) and Production environments to confirm everything is functioning properly before going live.

Post-Production Monitoring

---

Step 5: Issue Resolution

If any issues arise with the files, our team will work with you to resolve them quickly.

Step 6: Exception Handling

If exceptions (e.g., missing SSN or invalid address) are identified, they will be escalated, and we’ll collaborate with you to find a resolution.

Conclusion

---

Following these steps will set you up for a successful card-issuing program. Transaction monitoring is essential to providing the bank with the necessary data for Financial Crimes Oversight.

Ready to Get Started?

Contact us today to begin setting up your transaction monitoring. We’re here to assist you at every step.