Individual users
This guide highlights the high-level steps involved in onboarding an individual customer onto the product.
Individual Customer onboarding is the initial step that you are required to do before you can start offering any of the services being offered as part of the platform. This is the first step required as part of the entire customer due diligence journey that the users undergo on an ongoing basis as they avail financial services on the platform.
What is an individual user
An individual user refers to a person who is seeking to establish a relationship to access financial services for a product offered by you via the MatchMove platform. The individual customer is typically an end-user or consumer for whom you would be doing account issuance, card issuance, and providing access to the payouts and collections facility.
Onboarding an individual user
Before any account can be issued in the system, a customer record needs to be created. In addition, the requirements the 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:
- Individual record creation with a completed user profile
- Customer contact details verification (only available in v2)
- Ongoing name screening and sanction list screening
- Additional demographic information collection
- Document review and verification process
Individual record creation
Before a payment account can be created or a business relationship can be established with an end customer, a minimal amount of information 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.
Customer contact verification (Only available in v2 APIs)
To ensure the authenticity of contact details of customers on-boarded, as the platform, we provide the ability to authenticate the end user details and ensure the validity of that information for downstream processes like:
- Transactional OTP messages
- Tokenization authentication process
Additional demographic information collection
In preparation for the succeeding customer due diligence activity, as defined by product configurations, additional customer demographic information needs to be provided. 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 demographic information provided. These documents can be verified by doing a document verification or information retrieval via government registries like Singpass, Aadhaar, to name a few.
Onboarding mechanisms available
As a platform user, you have multiple options available to you for onboarding a user and fulfilling the document review and verification process.
Options based on licensing and risk construct
The avenues available are also dependent on the contractual relationship established as part of the product configuration.
MatchMove platform-managed | Document Upload | N/A | Integrate the document upload API |
eKYC | N/A | Integrate MatchMove eKYC API | |
SingPass | N/A | Integrate MatchMove eKYC API | |
Third-party reliance | Existing partner solution | Partner and use case have to be validated and approved by MatchMove compliance | Proper audit of all existing and future verifications will be done |
All demographic information and documents are to be updated in the MatchMove system | |||
Ensure all identity information in the system is accurate and up to date | |||
Outsourcing agreement | MatchMove-approved vendors | Partner and use case have to be validated and approved by MatchMove compliance, along with an additional contractual agreement | Proper audit of all existing and future verifications will be done |
All demographic information and documents are to be updated in the MatchMove system | |||
Ensure all identity information in the system is accurate and up to date | |||
All demographic information and documents are to be updated in the MatchMove system | |||
Periodic audits as per aligned schedules |
Options based on API version
There are two versions of the MatchMove onboarding or User API. Each addresses regional differences in requirements and regulations.
Onboarding API (Version 1)
By default, most partners will use this version to onboard their customers to the platform. This version is designed to be flexible for most of the regional financial product issuances.
Onboarding API (Version 2)
This version of the onboarding API is tailored for regions with more restrictive onboarding policies and regulations. You may work with your Implementation Manager to understand which approach is best suited for your program.
You may work with your Implementation Manager to understand which approach is best suited for your program.
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