[v1] Onboard business users
Understand the complete onboarding workflow for business users, from profile registration to successful KYB verification. This guide provides a comprehensive overview of the steps needed to activate a business account.
Business User onboarding involves the following processes:
Business User Registration
The process involves capturing the required business user information along with corporate representative data and submitting it to the platform to create a business user profile or user entity that represents the customer. This process runs independently, but its states can be affected by the Risk Evaluation process. It is not affected by any activity in the KYC Verification process. However, its active state is required before the Risk Evaluation and KYC verification processes can be initiated.
Risk Evaluation
The process where the defined business user profile containing the corporate information is checked against the various local and global financial blacklist and sanctioned personalities, to screen and prevent bad actors from gaining access to the financial capabilities of the platform. This process runs independently, but it requires the User state to be active for it to be initiated. It is not affected by any activity in the KYC Verification process.
KYB Verification
The process involves uploading the required business KYB documents to the platform. The data presented in these KYB documents should correlate with and verify that the information provided in the business user profile is legitimate and authentic. This process runs independently, but it requires the Business User state to be active for it to be initiated. It is not affected by any activity in the Risk Evaluation process.
Figure: User, Risk, and KYB interaction and state diagram
The state diagram below illustrates how the Business User Definition, Risk Evaluation, and KYB Verification processes interact and affect one another.
Before a business user is granted access to any financial facilities and capabilities within the platform, the USER, RISK, and KYC must be in an approved or green status. These are the states depicted with a GREEN border:
Business User Definition | user.status_text = ACTIVE | The business user profile required information is completed |
Risk Evaluation | user.risk_assessment_status = CLEARED | The risk evaluation result did not garner any hits on the business user profile when it was checked against all the available blacklists |
KYB Verification | kyb.kyb_status = APPROVED | The submitted KYB documents and data authenticated the legitimacy of the information in the business user profile. |
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- [v1] Onboard business users