How long should open finance third-party provider onboarding take? A benchmark guide

How long open finance third-party provider onboarding should take depends primarily on whether a provider is being assessed from scratch or already holds a portable accreditation – the latter can satisfy a new counterparty's requirements immediately, while a from-scratch assessment takes as long as the underlying onboarding checks require.

What actually determines onboarding time

1. Whether accreditation already exists: A provider accredited once against a recognized standard can present that accreditation to a new counterparty rather than restarting the process, cutting onboarding time substantially.
2. The depth of the underlying checks: Financial, operational, security, and AI governance assessment each take time to complete properly; a benchmark that skips any of the four isn't comparable to one that covers all of them.
3. How the provider's own chain is structured: A provider running its own processors and sub-processors takes longer to fully assess than one operating as a single entity, since the same standard needs to extend down that chain too.

Because these factors vary by provider and by network, a shared accreditation standard is a more reliable way to shorten onboarding than any single fixed benchmark number.

About Invela

Invela is the infrastructure layer that makes open finance trustworthy – accrediting who's in the network, monitoring risk in real time, and ensuring liability lands in the right place. Open finance, covered.