Merchant Boarding & Underwriting — impact tolerance ≤ 1 business day — ITOL

Impact tolerance: ≤ 1 business day — any outage delaying standard onboarding beyond one business day, for any share of pending merchant applications (illustrative default — trace the derivation, then replace with your own harm analysis)

Definition: Process by which a bank/acquirer or its payment-facilitator partners screen, approve, and onboard new merchants to accept card payments.

Why it is designated: Visa's Payment Facilitator and Marketplace Risk Guide requires acquirers to screen and underwrite payment facilitators and their sponsored merchants before boarding, then monitor them on an ongoing basis. Boarding is a risk-control gate rather than a real-time payment process. A next-day band — longer than payment-execution services — therefore fits, consistent with SR 23-4's third-party risk-management expectations.