FinTech programs are responsible for performing and operating within Solid's Customer Identification Program (CIP). Requirements of the persons are typically known as Know Your Customer (KYC) requirements.
As a FinTech Program Manager, you need to obtain information of every person onboarded by your program on the Solid platform, regardless of past or existing relationship with the person.
The KYC requirements that the FinTech program must meet are:
- Collecting information of the person
- Verifying information of the person
Collecting information of the person
- Full Legal Name
- Date of birth
- Residential address (no P.O. Box)
- Phone Number
- SSN (if U.S. Person), Passport Number (if Foreign Person)
Note: For military personnel, Army Post Office (APO) and Fleet Post Office (FPO) addresses are permissible for all level
Verifying information of the person
Solid takes care of the complexity around the required KYC obligations associated with a person. Handling the details of a person's verification is complex and requires constant monitoring and diligence. Here are the steps that the FinTech program manager needs to perform to complete the KYC process for the person:
- Collect the person's required information
- Submit the person's information to Solid
- Initiate a KYC with Solid
- Retrieve and act on the KYC result
Approved: Solid can verify the person based on the information provided. With this, the person's KYC is approved, and no further action is required.
Review: Solid is unable to verify the person based on the information provided. With this, the person's KYC needs further review. To proceed, Solid requires a scan of a valid government-issued I.D. with proof of address. While reviewing, Solid may require additional documentation to verify the person's identity. Solid recommends using selfies and Government ID based identity verification to reduce risk while onboarding a person. Person's KYC status post the review changes to Approved or Declined.
Declined: Solid declines the KYC, based on the person's information provided.
The decisioning process evaluates numerous data sources, so the reason for the review or the decline could be one or more of the following; the inability to verify the person's identity based on the information provided, missing or incorrect documentation, an exceptionally high-risk type of person, or information provided from 3rd party vendors. Higher levels of CIP or Enhanced Due Diligence (EDD) may be required based on certain exceptions and situations identified by Solid on particular FinTech programs.
Solid compliance teams will review and may request additional information supporting KYC conducted for audit & verification purposes. The FinTech Program Manager will need to respond within 30 days of the requests from Solid, failing which the account in question will be closed.