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New Evolve Requirements as Oct 2022

This page contains new requirements established by Sila's banking partner. All customer who have not been approved by Evolve must include these new requirements in your demo submission. Failing to do so will result in a delay in the approval process.

The following "checklist" is designed to help your dev team hit all the markers we are expecting to see during the Virtual Account demo review of your sandbox application.

You will need to demonstrate the following:

Step 1: Virtual Accounts specific disclosure and agreement requirements upon End User Sign Up
Step 2: /open_virtual_account and incoming external ACH transaction requirements
Step 3: External ACH Transaction requirements
Step 4-6: Transaction flow requirements (as outlined on your approved funds flow)
Step 7: Continued Access to Virtual Accounts Disclosures and Agreements

• NOTE: Videos are required to be submitted with audio as someone needs to talk though what they are clicking on, what endpoint is being invoked and verbalize the requirements indicated below.

Step 1. Disclosures and Agreements upon Sign Up

This section should show how an End User reads, acknowledges and agrees to the required Virtual Account disclosures and End User agreements.

IMPORTANT: This step must happen before the End User is able to set up a Virtual Account.

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REQUIRED DEMONSTRATION - Disclosures and Agreements:

The following steps are required to demonstrate how an End User reads and acknowledges the Virtual Accounts Disclosures and reads and agrees to the Virtual Account Consumer or Business Deposit Agreement.

1. If your platform refers to a Virtual Account by calling it anything other than a "Virtual Account" please clearly VERBALIZE:

• How are you referring to Virtual Accounts with your End Users?

Virtual Accounts vs User Wallets

2. Demonstrate how your UI indicates to an End User the difference between setting up a virtual account vs linking a bank account to an End User wallet.

The following step must be completed before an End User is able to set up a Virtual Account.

Agreement and Disclosures Requirements

3. VERBALIZE that you have reviewed the Virtual Accounts Product Compliance Manual and that you understand your responsibilities as outlined in the manual.
4. Complete the remaining demonstration steps outlined in Step 1 of the Demo Check List:
   https://docs.silamoney.com/docs/demo-checklist#step-1-sign-up-page

Virtual Accounts End User Error and Dispute Handling

5. VERBALIZE you have reviewed the Virtual Accounts End User Error and Dispute Handling Manual and that you understand your responsibilities as outlined in the manual.

Step 2. /open_virtual_account

This section should show how a End User opens a Virtual Account, generates an account # and routing # and testing an incoming external ACH transaction.

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REQUIRED DEMONSTRATION - /open_virtual_account:

1. Demonstrate how an End User opens a Virtual Account and generates an account # and routing # that they can use to connect their external account.
2. Demonstrate how you are storing the account #, routing # and virtual account ID

Step 3. External ACH Transactions

This section should show how an End User sets up an incoming external ACH transaction and an outgoing external ACH transaction.

As outlined on your approved funds flow.

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REQUIRED DEMONSTRATION - External ACH Transaction

1. Demonstrate an Incoming External ACH Transaction to the specified Virtual Account you opened.

   To simulate an external incoming ACH transaction to a virtual account, use the /create_test_virtual_account_transaction API

• See Testing an Incoming External ACH Transaction in the docs.

If applicable to your funds flow you must also:

2. Demonstrate an Outgoing External ACH Transaction to a the specified Virtual Account you opened.

   You may skip this requirement as this endpoint is not available at this time.

The following section is only applicable if you funds flow indicates you are using any of the following endpoints.

Step 4. /issue_sila

This section should show how an End User issues Sila from their bank account to a specified End User's Virtual Account.

As outlined on your approved funds flow.

NOTE: You can use the /get_payment_methods endpoint to get virtual account ID

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REQUIRED DEMONSTRATION - /issue_sila

Demonstrate how an End User issues Sila from their bank account to a specified End User's Virtual Account.

If the endpoint is not applicable please indicate why.
Show side by side UI with your backend to demonstrate understanding of Virtual Account specific key:pair parameters.

1. Show how an End User logs in and accesses their Virtual Account
2. Show how an End User initiates an ACH Debit transaction which includes:

• specified bank account
• specified Virtual Account
• transaction amount

3. Show where the End User sees the “Transaction Authorization Screen” which includes:

• transaction amount
• bank account information (last four digits of the account number or account_name)
• any recurrence information

4. Before submitting the End User needs to confirms the transaction information on the Transaction Authorization Screen and have the option to:

• cancel the transaction request
• makes changes to the transaction request
• submit the transaction request

5. Show where the End User sees the “Confirmation Screen” that tells the transaction request has been accepted and is being processed.

Step 5. /transfer_sila

This section should show the movement of funds, specifically how an End User initiates a transfer of a specified amount to or from a specified Virtual Account to or from a specified destination handle (wallet).

As outlined on your approved funds flow.

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REQUIRED DEMONSTRATION - /transfer_sila

Demonstrate how an End User initiates a transfer of a specified amount to or from a specified Virtual Account to or from a specified destination handle (wallet).

If the endpoint is not applicable please indicate why.
Show side by side UI with your backend to demonstrate understanding of Virtual Account specific key:pair parameters.

1. Transferring funds to/from a vAccounts utilizes the /transfer_sila endpoint but requires two additional fields:
   _Source ID - where funds are coming from (debit) _If left blank, default wallet for user will be used and will result in an error*
   *Destination ID - where funds are going to (credit)

   Virtual Account ID
   Card ID
   Wallet ID
   Bank Account ID

2. Show where the End User sees the “Transaction Authorization Screen” which includes:

• Transaction amount
• Where the funds are going (specified destination handle or wallet).
• Where the funds are coming from (specified Virtual Account).

3. Before submitting the End User need to confirm the transaction information on the Transaction Authorization Screen and have the option to:

• cancel the transaction request
• makes changes to the transaction request
• submit the transaction request

4. Show where the End User sees the “Confirmation Screen” that tells the transaction request has been accepted and is being processed.

Step 6. /redeem_sila

This section should show the movement of funds to a linked bank account, specifically how an End User initiates a redeem of a specified amount from a specified Virtual Account and starts the process of initiating an ACH Credit transaction to the End Users linked bank account.

As outlined on your approved funds flow.

NOTE: Must specify that the Source ID is the virtual account (to take funds out of virtual account)

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REQUIRED DEMONSTRATION - /redeem_sila

Demonstrate how an End User initiates a redeem of a specified amount from a specified Virtual Account and starts the process of initiating an ACH Credit transaction to the End Users linked bank account.

If the endpoint is not applicable please indicate why.
Show side by side UI with your backend to demonstrate understanding of Virtual Account specific key:pair parameters.

1. Indicate where the End User sees the “Transaction Authorization Screen” which includes:

• transaction amount
• bank account information (last four digits of the account number)
• any recurrence information

2. Before submitting the End User need to confirm the transaction information on the Transaction Authorization Screen and have the option to:

• cancel the transaction request
• makes changes to the transaction request
• submit the transaction request

3. Show where the End User sees the “Confirmation Screen” that tells the transaction request has been accepted and is being processed.

Step 7. Continued Access to Disclosures and Agreements

It is required that End Users users have access to the Virtual Accounts Disclosures and the Virtual Account Consumer or Business Deposit Agreement at any time from within the app or via a link on the website.

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REQUIRED DEMONSTRATION - Access to Disclosures and Agreements

Complete the remaining demonstration steps outlined in Step 11 of the Demo Check List:
https://docs.silamoney.com/docs/demo-checklist#step-11-continued-access-to-agreement--disclosures

Ready for a Demo Review?

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Double Check - Requirements before submitting!

Make sure you have not missed anything by double checking that you hit all the markers outlined above.

Head to the Demo Overview page see FAQ and to learn how to submit your sandbox application for a demo review.

Once received and added to the queue Demo Reviews can take up to 5 business days. Feedback will be sent to you via email from your Sila Onboarding Specialist.