Implementation of Transaction Monitoring

Welcome! If you are looking to understand what is required for transaction monitoring with us, then you're in the right place. Let's walk through the process together, step by step.

Engagement and Overview

Step 1: Initial Engagement

We'll provide you with detailed implementation documents that outline everything you need to know about data requirements for transaction monitoring. This includes file specifications, transaction type templates, testing requirements, and how we handle data errors.

Step 2: Kickoff Call

Next, we'll schedule a kick-off call . During this call, we'll discuss the implementation documents, provide timelines, and talk about the testing process. Think of this as our roadmap for the journey ahead.

Data Required

To ensure smooth sailing, we'll need specific data from you. Here's what we require:

• Cardholder: Legal name, phone number, address, date of birth, etc., associated with an account/card.
• Business: Registered legal business entity with a name, address, and TIN.
• Cards: All relevant data associated with a payment card issued to a customer, including card number, customer ID, open date, expiration date, card status, and current balance.
• Transactions: All relevant data associated with financial transactions made using a payment card issued to a customer. This is crucial for tracking and managing financial activities.
• Beneficial Owners: Information on individuals or entities with at least 25% equity interest in the legal entity customer. This includes identifying and verifying the identity of beneficial owners and control persons.

Path to Production

Step 3: Complete Sign-Off

Before we dive into implementation, we'll need to obtain complete requirements sign-off from you. This ensures that we're all on the same page and ready to move forward.

Step 4: Implementation and Testing

Now, it's time to bring everything to life. With sign-off in place, You will start sending us test data in the agreed upon data file format via our file transfer process, next we will conduct end-to-end testing in both our UAT (User Acceptance Testing) and Production environments. This thorough testing ensures everything works seamlessly before going live.

Post-Production Monitoring

Step 5: Issue Resolution

Even the best-laid plans can encounter bumps along the way. If there's an issue with the files, our team will work with you to resolve it promptly.

Step 6: Exception Handling

If an exception item is identified (e.g., missing SSN or invalid address), it will be escalated to our team. We'll then collaborate with you to find a resolution.

By following these steps, you'll be well on your way to setting up a successful card issuing program with us. Remember, the main goal of transaction monitoring is to provide the bank with the data required for Financial Crimes Oversight.

Ready to get started? Reach out to us today and let's embark on this journey together! 🚀

Feel free to reach out if you have any questions or need further assistance. We're here to help every step of the way!