Business users
Onboarding a business involves collecting information about the business using MatchMove APIs. This section describes the various legal entities and natural persons involved in onboarding a business, as well as the information you need to collect.
What is a business user
A business user refers to individuals or entities representing businesses, organizations, or corporate entities who are onboarded onto the platform to avail payment services on behalf of a business.
When you onboard a business, you must collect two different streams of information:
Business information: Information about the business's legal entity, including the business name, registration number, tax information, business activities, etc. Person information: Information about all natural persons who run and/or legally represent the business. A business could involve multiple natural persons assigned to different roles. These roles include legal representatives, beneficial owners, signees, and authorized persons.
Onboarding a business user
Before any account can be issued in the system, a customer record needs to be created. In addition, the requirements the business customer needs to go through will vary depending on the product construct and legal jurisdiction. Work with your Implementation Manager to understand the nuances and have a robust journey tailored to your business.
The lifecycle journeys can be listed below:
- Business record creation with a completed business profile
- Ongoing name screening and sanction list screening
- Additional demographic and connected parties information collection
- Document review and verification process
Business record creation
Before a payment account can be created or a business relationship can be established with an end customer, the legal business profile and identification must be collected from the customer to create the customer record.
Profile and sanction list screening
To ensure regulatory compliance, the initial details captured are evaluated for potential presence in the sanction list, adverse media exposure, and politically exposed personalities, in addition to various local blacklists around the region. This is an asynchronous process that takes place post-initial record creation. In addition, after every update or addition to a customer's information, the customer's demographic information is again evaluated to ensure compliance.
In addition, the demographic information on record is periodically re-scanned to ensure proper due diligence is performed for all individuals onboarded onto the platform. This activity is also performed when any profile update is performed on the user.
Additional demographic and connected parties information collection
In preparation for the succeeding customer due diligence activity, as defined by product configurations, additional customer demographic information needs to be provided. When available, information about the connected parties and beneficial owners of the business must be collected as well. This goes in conjunction with the document verification process listed below.
Document review and verification process
As part of the customer due diligence (CDD) process, the customer is obliged to validate the business profile and demographic information provided. Documents supporting the connected parties and beneficial owners with a material controlling interest in the business will also be required for submission.
These documents will be verified by doing a document verification or information retrieval via available government business registries.
Related Links
On this page
- Business users