Funds Flow Examples

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NOTICE

The information contained is general in nature and does not constitute legal or compliance advice. Sila does not guarantee or warrant the accuracy, completeness, adequacy, or currency of the above information. This information is no replacement for sound legal or compliance advice. Sila recommends consulting with an attorney or other appropriate legal, compliance, or business management professional for advice as it may be specifically applicable to your business.

Best Practices and Pro-Tips

As a part of Sila's onboarding process, each Customer is expected to illustrate how their Company intends to move money within the Sila FBO ecosystem and how their web / mobile application will interact with the Sila's Services via a Fund Flow Chart.

Below are examples you can use to help get you started when customizing your Company's funds flow diagrams. Choose the type of funds flow that feels most applicable to the services your Company offers and then customize each element as you see fit.

Where to begin?

• Illustrate how an End User's funds enter the Sila FBO ecosystem
• Illustrate how an End User's funds leave Sila's FBO ecosystem

Helpful things to consider

• If there are any third parties you're working with (i.e., Plaid, payment providers, card service providers, intermediary banks, etc.), we ask that you clearly illustrate how they're plugged into your funds flow.
• If there are any plans for your Company to take custody of end-user funds in order to faciliate transfers / payments on behalf of your end users, we ask that you clearly illustrate where those funds will be pooled before getting disbursed appropriately.

Questions to ask yourself

• Are there any external operating accounts that will be used? (i.e., to collect transaction fees from end users)
• Can the third party service provider (ex. who will help handle the international leg of the transfer) accept payments from Sila via ACH Credit?
• Does your Company need access to services other than standard ACH payments (i.e., RTP), and if so, how do you envision these services interacting within your flow?

General Tip

If you run into any challenges clearly illustrating the flow in diagram form, when in doubt, please feel free to include a bullet-pointed funds flow description in sentence form.

Person to Person (P2P)

Person to Business (P2B)

Business to Business (B2B)

International Remittance via vetted Intermediary Bank / Partner