The partner onboarding process at Paynetics follows a structured approach divided into two main phases: Initial Sales and Pre-Vetting, each managed by specialized teams to ensure comprehensive evaluation and successful integration.
Initial Sales Phase
The process begins with initial sales vetting performed by the Sales team, followed by the standard presales process. A critical early step involves handling Non-Disclosure Agreements (NDAs) prior to signing, typically requiring two weeks for completion. During this phase, Sales verifies that the partner's signatory has proper authorization according to commercial register requirements.
Commercial agreements are finalized within an estimated two-week timeframe, during which partners must be informed of required collaterals and agree to cover costs for translations, notarizations, apostilles, and other official documentation. The financial arrangements also include provisions for all audit costs, including annual KYC/KYB procedures and emergency audits triggered by regulatory requests or suspected violations.
Agreement template distribution is carefully controlled, requiring alignment with Legal and Management teams before proceeding. Templates are only sent with upper management approval, as this decision transcends Legal authority and is not standard practice for all partners. In exceptional cases, certain clients may receive production environment access with generic programs for testing purposes, though this requires specific agreement between Sales and Management.
The Letter of Intent (LOI) signing process typically extends over 30 days and includes consultancy services for crafting policies and procedures, which must be clearly indicated in the financial offer under agreed commercials.
Pre-Vetting Phase
The Pre-Vetting phase is conducted by a specialized team comprising subject matter experts from multiple departments including Risk & Monitoring, Compliance, Underwriting, Legal, R&D, Finance, Project Management, Product, and CardOps teams.
The process begins with collecting and agreeing upon an 8-page pre-vetting questionnaire within seven days. Sales teams are responsible for providing signed LOIs, completing questionnaires, and requesting partners to provide specific policies and procedures as outlined in internal partner selection and control rules.
A comprehensive Risk and Control Assessment follows, managed by Sales according to internal procedures for partner selection and control. Each Paynetics department contributes to this assessment by reviewing provided documentation and evaluating risks using the Distributor Risk and Control Assessment Template. This phase includes reviewing exit plans and business continuity plans, with Sales consulting Risk teams regarding potential additional collateral or pricing adjustments discovered during assessment.
The Risk Committee Decision phase, which can range from one to twenty days, involves Sales coordinating the completion of Risk Committee approval forms based on assessment results. The committee makes final decisions using these comprehensive summaries without requiring additional documentation.
Project Management and Legal Finalization
Project Management takes responsibility for Statement of Work (SOW) preparation, reviewing questionnaires and creating deliverables using established templates. The SOW includes Finance and R&D statements assessing system architecture and functionality impacts. After consultation with Sales and Product teams and pre-vetting team approval, the SOW undergoes internal agreement processes that can extend from one to three months.
During SOW finalization, all pre-vetting team members provide specific requirements for their respective areas, with Sales coordinating overall partner communications and timeline estimations. Upon SOW signing, Sales organizes comprehensive handover meetings and kick-off sessions with assigned project managers and partners.
For partners requiring BNB registration with Paynetics AD, document collection processes spanning 20-40 days involve gathering required documentation, translation services, and delivery to Legal teams. The Legal team then prepares formal agreements based on Risk Committee decisions and finalized SOWs, typically requiring three to four weeks.
The final stages involve agreement discussions conducted by Sales, incorporating partner feedback and legal reviews, followed by final agreement signing. Sales personnel drive the process to completion while Project Managers handle the collection of setup fees as specified in commercial agreements.
This comprehensive process ensures thorough evaluation, risk assessment, and proper integration of new partners while maintaining regulatory compliance and operational efficiency across all Paynetics departments.