The current record from first contact to live production access is 20 days. Help us beat the new record.
In addition to coding your app in the Sila sandbox, you'll be required to complete our due diligence process in order to receive your production access. We recommend starting the pre-qualification process concurrently with your development efforts to get up and running as quickly as possible.
Phase One: Completing the Pre-Qualification Checklist
(1 Business Day)
The first step in onboarding with Sila is to complete the pre-qualification checklist. You can access your checklist by registering on the Sila console and clicking the link in the lower left of your screen. The checklist URL can be shared with multiple members of your team including business users and technical users.
You can leave a comment at the bottom of any screen in the checklist and a Sila team member will reach out to help you.
The primary milestones in the Pre-Qualification phase include:
- Ensuring your use case is not on the prohibited use case list
- Founders do not have a criminal history
- Explaining the flow of funds in your app
- The business is incorporated in the U.S. and/or has a physical location in the U.S.
- Selecting a Starter, Launch, or Custom Plan
- Reviewing and signing the Production Access API contract
Phase Two: Completing the Production Access Checklist
(2-3 Business Days)
Once you've signed your contract you'll have access to the next series of checklist items which are similar to what a bank might require when opening a business bank account. We deal with a lot of newly formed entities and there are templates and resources within the checklist to help you with any items you might be missing.
The timeline for Phase Two is largely driven by your ability to provide all the required documentation in a timely manner.
The primary milestones in the Production Access Checklist include:
- Company Ownership: KYC of beneficial company owners (i.e. anyone with 25% or more ownership in the company)
- Proof of Incorporation: State Certificate of Good Standing, EIN, By-Laws & Amendments or Membership Agreement
- Security, Information Management, Compliance policies and practices
Phase Three: Due Diligence Review
(5-10 Business Days)
Our due diligence and compliance team will review your completed Production Access Checklist and indicate any materials that may have been omitted or require additional clarification.
Phase Four: App Review
(3-5 Business Days)
Prior to providing production access we'll need to see a working version of your application including end-user registration and screens that rely on issue, transfer, and redeem functionality.
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