Payment Account Opening Procedure
1. Registration Documents Preparation
The process of preparing and submitting documents for opening a payment account is well-defined and standardized. To ensure a smooth and successful account opening, please gather all the required data and documents as outlined below:
- 1. Company Questionnaire: Complete the questionnaire online with the assistance of our Onboarding Wizard. Ensure you have all necessary documents and data ready beforehand.
- 2. Company Business Description: Provide a detailed description of your company's business activities, including your website, presentation, and business plan.
- 3. Company Registration Documents: Refer to the list provided on the right for the required registration documents.
- 4. Bank Statement (3-6 months period): Submit a bank statement no older than three months. Startups should include a business plan.
- 5. Complex Corporate Structure: If applicable, provide an organizational diagram indicating relationships and ownership interests.
- 6. Identification: Submit a passport or ID for each director and beneficiary (with ownership of 10% or more).
- 7. Residential Address Confirmation: Provide proof of residential address for each director and beneficiary, such as a utility bill or bank statement (no older than three months). Mobile services bills are not acceptable.
- 8. Curriculum Vitae (CV): Submit a CV for each director and beneficiary, if requested by the bank.
- 9. Source of Funds Confirmation: Provide proof of the beneficiary's source of funds, such as a bank statement for the last six months, tax return, or a certificate of dividend payment, as requested by the bank.
All documents must be submitted in English or as notarized copies of translations. Ensure that scanned copies are of high quality, scanned at a resolution of 200+ dpi, saved in PDF format, and clearly and neatly named.
Standard company registration documents:
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Certificate of Incorporation
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Memorandum and Articles of Association
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Extract from the commercial register
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The ownership and management structure of the company - documents defining the shareholders, beneficiaries and directors of the company
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Certificate of Incumbency or Good Standing
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Confirmation of the company's office address (rent agreement, utility bills, bank letter or statement, etc.)
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Company’s tax identification number
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Financial Statements
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Proof of domain ownership
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For regulated businesses – licenses and corporate policies (AML, KYC, PEP, CFT, EDD)
2. Providing Information About the Customer Base
Financial Institutions typically inquire about the types of customers a company plans to serve and conduct a risk assessment of these customers. A comprehensive understanding of your clients, demonstrated through robust Know Your Client (KYC) practices, is crucial. This includes controlling mutual settlements, and collecting and storing all relevant documentation, such as scans of contracts, invoices, and other related documents. This thorough approach provides the financial institution with a clear picture of your business and helps assess the risk level associated with working with your company.
3. Providing Information About Payment Flows
To ensure an efficient banking experience, we recommend preparing a comprehensive summary table of your planned incoming and outgoing payments for the year. This table can be created using an Excel spreadsheet and should include the following details:
Incoming Payments
Sources: Specify the industry or type of service provided by your customers (no need to mention specific names).
Geographic Origin: Indicate the countries from which payments will be sent.
Sending Banks: List the banks sending the payments.
Amounts and Currencies: Provide the amounts, quantity and currencies of the incoming payments.
Monthly Forecast: Forecast the monthly volume of incoming payments for the year.
Geographic Origin: Indicate the countries from which payments will be sent.
Sending Banks: List the banks sending the payments.
Amounts and Currencies: Provide the amounts, quantity and currencies of the incoming payments.
Monthly Forecast: Forecast the monthly volume of incoming payments for the year.
Outgoing Payments:
Recipients: Identify the types of goods or services for which payments are made.
Destination Countries: Mention the countries to which payments will be sent.
Recipient Banks: List the recipient banks.
Amounts and Currencies: Provide the amounts, quantities and currencies of the outgoing payments.
Monthly Forecast: Forecast the monthly volume of outgoing payments for the year.
Corporate costs: office rent, salary, taxes, etc.
Destination Countries: Mention the countries to which payments will be sent.
Recipient Banks: List the recipient banks.
Amounts and Currencies: Provide the amounts, quantities and currencies of the outgoing payments.
Monthly Forecast: Forecast the monthly volume of outgoing payments for the year.
Corporate costs: office rent, salary, taxes, etc.
Benefits of Detailed Payment Flow Information
Providing detailed information about your payment flows allows the financial institution to offer you tailored terms of service and competitive fees. By demonstrating a clear understanding of your financial activities, you enhance your credibility and ensure favorable conditions for your account.
Importance of Accurate Projections
Accurate projections are crucial. If the actual payments significantly deviate from the provided descriptions, the financial institution may need to reassess the terms of service or, in some cases, close the account. Random or inaccurate account opening often results in complications such as payment refusals, additional fees, stringent requirements (such as maintaining a minimum balance, making a deposit), strict limits, delays in payment processing, and detailed compliance checks for each transaction.
Strategic Approach
By preparing thoroughly, you can ensure a seamless and beneficial payment experience, tailored to meet your specific needs and goals.
We advise you to approach this task thoughtfully and dedicate time to drafting a detailed payment scheme. This is particularly important if you plan to work with multiple financial institutions and distribute payment flows among them. A well-organized and transparent payment flow plan not only facilitates smooth banking operations but also strengthens your relationship with financial institutions.
4. Onboarding Process Overview
Our onboarding process is designed to be structured and understandable, ensuring you receive the best possible service. Here’s what you can expect:
Initial Discussion: Begin with a conversation with our account manager to agree on general terms, discuss the onboarding procedure, and review the required documents. This is also an opportunity to get answers to any questions you may have.
Document Preparation: Gather all necessary documents, prepare descriptions of your business, customer base, and payment flows, and complete the Onboarding Wizard to submit your application for account opening.
Additional Information: Respond to any additional questions from the financial institution, provide any further requested documents or company information, and complete the verification process for the company's owners and directors, typically done through online identification services.
Joint Call: Participate in a joint call between your company’s managers and representatives from the financial institution to finalize details.
Account Approval: Upon approval of your account, you will be assigned a personal account manager. You will also receive an invoice for the onboarding process, which may vary depending on the assessed risk level.
Contract Signing: Sign the contract for payment services to formalize your relationship with the bank.
Account Setup: Set up your accounts and receive your bank details, ready to begin managing your finances with ease and confidence.
By following these steps, you’ll be well on your way to accessing comprehensive payment services focused to your needs.
5. Developing Payment Flows
Optimizing payment flows often requires the use of multiple financial institutions.
Companies typically open accounts with several financial institutions to leverage different payment systems (SEPA/TARGET2/SWIFT), currencies, customer geographies, risk levels, and transaction types.
Additionally, many companies already have existing payment accounts in addition to the payment solutions we offer. We recommend organizing payment accounts by their intended use:
Companies typically open accounts with several financial institutions to leverage different payment systems (SEPA/TARGET2/SWIFT), currencies, customer geographies, risk levels, and transaction types.
Additionally, many companies already have existing payment accounts in addition to the payment solutions we offer. We recommend organizing payment accounts by their intended use:
Corporate Account
This account is dedicated to storing corporate funds and managing business expenses, such as payroll, supplier payments, office rent, taxes, other costs. Separating corporate funds from client funds enhances security and transparency, ensuring transparent accounting and more reliable operations.
Operational (Safeguarding or Segregated) Accounts
These accounts are used for daily settlements with business counterparties. Our Integrity payment solution optimizes transactions related to crypto exchanges and supports standard banking operations, including card issuance. Additional payment accounts can further enhance the efficiency of your payment flows.
Understanding Payment Routes
It’s crucial to be aware that all banks and payment systems process wires through intermediary banks. Knowing your payment routes when settling with counterparties helps you manage transaction risks and fees effectively.
Integrity Support
We are here to provide expert advice and support to help you develop optimal settlement management models tailored to your specific business needs. Let us assist you in creating a seamless and efficient financial system that aligns with your business goals.
6. Cost of Onboarding and Banking Services
The cost of onboarding varies depending on the business risk level and the amount of effort required to prepare the necessary documents for opening an account. While it is seldom free, the fees generally range from 500 Euros to 1,000-3,000 Euros.
Detailed information on account maintenance costs can be found in our price list:
Detailed information on account maintenance costs can be found in our price list:
Payment fees are determined by the payment system used — SEPA (European, Euro-only) or SWIFT/TARGET2 (international). Fees may be fixed or percentage-based, with or without minimum and maximum commission limits.
For high-risk businesses, a special price list may be available.
Request Opening a Payment Account
We are here to support you in opening a payment account. Simply contact us for personalized assistance, or start the process directly using our Onboarding Wizard:
Frequently Asked Questions
How much time is required to open a payment account?
Typically, if all required documents are provided in complete and high-quality form, the process takes up to two weeks. If there is an extended Q&A cycle with the compliance department, it may take up to one month. The duration also depends on how long it takes to format the documents correctly.
Can we be assured of opening an account?
While we cannot guarantee account approval, our initial discussion and review of your company’s registration documents provide a fairly accurate assessment of the likelihood. Official reviews of submitted applications can still result in refusals. Rest assured, you only pay for services after account opening is confirmed.
Which correspondent banks are used for transactions related to crypto exchange?
The Integrity crypto trading platform collaborates with Swiss liquidity providers and utilizes Incore Bank (https://www.incorebank.ch) in Switzerland to handle settlements for crypto exchange transactions.
Feel free to reach out with any further questions. We are here to assist you!