Creating a Norvix account takes about two minutes. Getting it live takes longer: complete applications typically go live in five to ten business days. That gap is not a queue. It is the time a person on our side spends checking who your company is, who owns it, and how its money is expected to move. This article explains what we check, why a person does it, and what you can do to make it faster.
What we check
Norvix is operated by Paily Payment Systems Inc., a money services business registered with FINTRAC under registration number M23824357 and registered with the Bank of Canada as a payment service provider. Both registrations require us to know our clients before we move money for them. For a company, that is called KYB: know your business.
The application walks through seven steps. Each one gives the reviewer a piece of the picture.
- The company. Legal name, registration number, incorporation date, and the registry record that confirms them.
- Addresses. Where the company is registered, and where it actually trades, if that is different.
- Directors. Who is authorized to act for the company, with identification for each.
- Beneficial owners. Anyone who owns 25 percent or more, directly or through other companies. If nobody crosses that line, we ask for the senior managing official instead.
- Business partners. Who the company pays and who pays it: the counterparties you already work with, and any you expect to.
- The business profile. What the company does, the monthly volume you expect, the largest single payment you expect to send or receive, and where the money comes from.
Every director, owner and partner is screened against sanctions and politically exposed persons lists when you submit. The result, together with the profile you described, becomes the baseline for the account.
Why a person does it
Parts of this are automatic: the registry lookup, the screening. What is not automatic is the judgment.
A registry extract can be valid and still describe a company that has changed hands since. An ownership chart can be complete and still not add up to 100 percent. A business description can be honest and still not match the volume it expects. Software flags those things. A person decides what they mean, and asks you when it is not clear.
There is a second reason. The profile you give us at onboarding is the one we compare every later payment against. A person reads every payment before it moves, and what that reviewer sees is your declared counterparties, your declared volume, and your declared purpose. If the onboarding review is shallow, every payment review after it is slower. We would rather spend the time once.
The profile you give us at onboarding is the one we compare every later payment against.
Where the days go
The five-to-ten-day figure is for a complete application. Here is roughly how it splits.
- Registry and screening. Automatic checks run when you sign the application.
- Document review. A reviewer reads every document against the fields you typed. A mismatch between the two is the most common reason for a question.
- Ownership. Companies owned by other companies take longer, because each layer needs its own extract and its own owners.
- Profile review. The reviewer compares what the company does with the volumes, partners and source of funds you declared, and decides whether the picture is coherent.
- Questions. If anything is missing or unclear, your manager asks for it inside the account, with one scoped question and a date to answer by. The clock pauses until you reply.
The last point is where most of the variance sits. An application with no questions goes live near the bottom of the range. One with several rounds lands at the top.
What speeds it up on your side
- Use a recent registry extract. If it is old enough that the directors or owners may have changed, we will ask for a new one.
- Draw the ownership chart before you start. Know every layer between the company and the people who own it, and have an extract for each layer.
- Match the documents to the form. The name on the extract, the name you type, and the name on the bank statement should be the same, down to the legal suffix.
- Name your partners. A counterparty you declare at onboarding is one the reviewer already knows when the first payment arrives. A counterparty you did not declare is a question.
- Be specific about the business. Two or three sentences on what the company sells and to whom, not a mission statement.
- Answer inside the account, and soon. Replies and documents go into the application, not into email, so the reviewer sees them the moment they land. Each day a question waits is a day added to the range.
You can pause the application at any point and continue later. The steps you have completed stay completed.
Who can apply
Today we accept [entity types] registered in [jurisdictions]. If you are not sure whether your company qualifies, ask us first. A named manager answers before you spend time on the form.
Five to ten business days is not fast, and we do not pretend it is. It is the time it takes to be sure. Once the account is live, the same reviewer's work is what lets every payment carry a clear status, and what lets you see where your money is at every point.