Building your powered by Deposits digital banking platform

Configuration and Compliance - Beta - Live

Deposits’ mission is to make financial services better for everyone so that banks, businesses and financial brands can get back to focusing on what they do best.

Deposits provide infrastructure to build financial solutions and access financial operations tools.

Our plug-and-play financial technology kits enable any brand to launch and scale quickly. Some use cases include;

  1. Instant verification for users - KYC/KYB,
  2. Issuing virtual or physical cards - Debit cards, prepaid debit, credit cards,
  3. Sending or receiving international payments - FX,
  4. Issuing receipts and invoices for transactions - Payments,
  5. Bill payments - Payments,
  6. Credits and loans - Lending,
  7. Loyalty programs - Wallets,
  8. Buy Now Pay Later & Split payments - Payments,
  9. Merchant & E-commerce services - Payments,

and much more.

Deposits provides some key components for a digital bank. Key components include the user interface, bank data aggregation, KYC and PCI compliance, issuing processor, bank sponsor, fraud protection, general ledger, and others.

The Deposits Shared Responsibility Model

Though we handle the majority of the duties that come with running a digital bank, you as a tenant are responsible for ensuring a smooth procedure and experience for your users.

A table comparing what deposits is responsible for vs what you are responsible for.

Launching with Deposits

The steps for launching on Deposits have been broken down into different phases to aid understanding, communication, and go-to-market planning.

1. Configuration & Compliance

This is where you get started, as it requires you to sign up or create an account with Deposits via the Deposits console. Before operating in the Deposits space, you must set up your account on the Deposits console at

The console exposes you to information about our products and service offerings, answers questions you may have, allows you to play around with our APIs, and even build a mockup if you want.

Following that, we must perform Due Diligence. Due diligence refers to the paperwork and documentation you must provide to Deposits in order for us to learn about your organization and gain context about its operations, policies, and overall health. Some things to be submitted include:

  • KYB Verification
  • EFT Authorization Agreement
  • Merchant Application
  • Brand Authorization

The KYB process is completed and submitted via the console at the time of program formation, while the EFT and brand authorization agreements are supplied via mail as the conversation progresses.

Due diligence must be submitted as soon as possible to avoid any issues or delays, as it must be completed before receiving bank approval.

A discovery call can be scheduled via mail. This is a necessary step for Deposits to determine if your company or idea is qualified to be hosted on the Deposits platform. This enables us to understand what you need and what you want to build and determine if you are the type of customer we need.

Deposits sends a Non Disclosure Agreement (NDA) and a Master Service Agreement (MSA) after a successful discovery call and agreement on what will be built. After you sign this, a kickoff call will be set to get you started.

2. Product Beta Stage

The kickoff call is a very crucial step in the building on Deposits process as it entails discussions about the following:

  • The solution you are building
  • Solution overview
  • Goals and objectives alignment
  • Solutions purchased from Deposits
  • Integration milestones
  • Project resources
  • Pricing

In this call, three Deposits representatives will be assigned to your project to hold your hands through the 90 days launch process. We provide you with:

  • A technical product manager
  • A business partner
  • A developer

These representatives are provided to aid correspondence across both our teams, and yours. They also answer questions and provide support for your team for the next 90 days.

After the kickoff call, your team will be invited to the Deposits Slack, where a shared channel will be created for your team and the Deposits representatives to interact. Via this channel, support is made available to your team 24/7 for three months. This channel will be open to representatives from your team and the Deposits representatives you were provided with.

At this point, you can go ahead to build on the Deposits platform. While your solution is not live, as it is in Sandbox, you can carry out various transactions, test endpoints and develop your app on the go. This is why it’s important to have signed and submitted due diligence to get bank approvals from our partner bank.

If you are offering card services to your users, you will be required to submit a card design.

Program reviews

We have program reviews where we check what you have built to ensure it is indeed what you wanted to build. This checks that your program/solution aligns with what was mentioned earlier and the agreements signed.

While in Beta, we ask that you clearly disclose to your users that your product is still in Beta. This is helpful if there are regulatory inquiries while you are in Beta.

3. Live Product Stage

After undergoing a program review, you will be required to fund your reserve account.

A reserve account is a master wallet that stores value and funds programs, including products, plans, wallets, deposit accounts, entities, cards and contacts. Program admins must link a funding source or fund the master wallet via wire or ACH.

Product is live!

Funds in this account may be used for horizontal (book) transfers or vertical (top-down) transfers such as debiting a user and crediting the master wallet or debiting the master wallet and crediting value to one or many wallets/cards/or contacts etc.

Next, both Deposits and you will conduct User Acceptance Testing(UAT). This is to ensure that there is no misinformation, that we are in compliance, that we are aligned with internal compliance, and that we have completed KYC. This test is performed before to going live to verify and ensure that everything is in order.

Receive live keys

We are prepared to move you to production as soon as you are ready and have completed your UAT. This means you'll get your live keys, and the user limit cap will be lifted, allowing you to have as many people as you desire.

At this point, your solution has been built, has passed through program reviews, UAT and is now ready to be released to the public.

Go Live!

You are now ready to share your solution with the world!

Deposits Team

Deposits Team

Dallas Texas