As a regulated institution, Interpolitan Money has to undertake a series of checks on all new clients.
This may seem overly intrusive, but getting to know you, your business and your requirements allows us to meet our regulatory obligations and ensure that your requirements can be met. This is no different to any other financial institution.
The onboarding process can take some time which is not completed until we fully understand the nature of your business and how it is owned and controlled.
There are two parts to this process. The first is about who you are. We must evidence how the business is structured, who is in control and ultimately who obtains benefit from the business, typically shareholders or partners.
The second part of the process is to understand the nature of your business. Determining what both you and we consider normal and abnormal is really important for how we monitor payment flows in and out of your account.
The more we know, the more efficient the monitoring process is and the less likely it is that payments are slowed as we seek further information from you.
Where we differ is that we believe that taking the time to work with you to meet our regulatory obligations and understand your business makes for a better longer-term experience. This strikes back to one of our core brand messages: “The Space In Between”.
Larger institutions can be slow in this process, yet fail to really get to know you and understand what you need. At the same time, other institutions have focused on speed and ease of sign-up.
For many, this does not present a barrier however, for some, because they are seen to not fit into prescribed categories, the onboarding process becomes overly complicated and the user experience, one which has not been tailored to their needs, is a poor one.
What can you do to help the onboarding process?
The big challenge for any financial institution is unwrapping the layers of a corporate structure to determine control and ownership. This has to be done yet can be complex with entities existing in multiple jurisdictions.
No one knows your business better than you. Providing Certifications of Incorporation, Memorandum and Articles of Association, Confirmation Statements and Annual Accounts (or equivalents) with the application along with ownership structure charts really helps accelerate our understanding.
Furthermore, informing us of how you intend to fund and use the account is incredibly important. By doing so we can pre-empt any additional questions or queries and work through the understanding before it comes to time-critical and sensitive for your day-to-day business.
At Interpolitan Money, the key for us to is better understand your business. The more you inform us, the better we understand your needs and requirements, and the better we can support your needs and allow you to meaningfully achieve your financial goals.
A truly global alternative banking solution
At Interpolitan we offer a comprehensive alternative banking solution, utilising cutting-edge technology to handle multi-currency accounts from beginning to end, allowing our clients to pay, collect and hold funds in 55+ currencies from 160+ countries.
Accelerate your international growth with named local accounts, and virtual IBANS and access our FX risk management solutions.
Client funds are held in designated, safeguarded bank accounts, with our tier 1 banking partners.
We aim to open client accounts within 7- 10 working days.
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