FinTech programs are responsible for performing and operating within Solid's Customer Identification Program (CIP). Requirements of the business are typically part of the Know Your Business (KYB) requirements.
As a FinTech Program Manager, you need to obtain information of every business onboarded by your program on the Solid platform, regardless of past or existing relationship with the business.
The KYB requirements that the FinTech program must meet are:
- Collecting information of the business
- Verifying information of the business
1. Collecting information of the business
- Legal Business Name
- DBA (if applicable)
- Business Identification Number (EIN or SSN)
- Entity Type
- Business Address
- Business Phone Number
- Formation Date
- Website (optional)
2. Verifying information of the business
Solid takes care of the complexity around the required KYB obligations associated with a business. Handling the details of a business'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 KYB process for the business:
- Collect the business's required information
- Create a Business on Solid
- Submit a KYB to Solid
- Retrieve a KYB result
- Optionally, perform your own KYB Approval
Approved: Solid can verify the business based on the information provided. With this, the business's KYB is approved, and no further action is required.
Review: Solid is unable to verify the business based on the information provided. With this, the business's KYB needs further review. To proceed, Solid requires a scan of a valid business formation document with proof of business address. While reviewing, Solid may require additional documentation to verify the business's identity. Business's KYB status post the review changes to Approved or Declined.
Declined: Solid declines the KYB, based on the business'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 business's identity based on the information provided, missing or incorrect documentation, an exceptionally high-risk type of business, 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 KYB 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.
KYC Requirements as part of KYB
Along with performing the KYB for the business, you also need to perform KYC of the business's person if:
- the person is a beneficial owner of the business, with ownership over 25%
- the person is a controller and has permission to open an account and/or move money on behalf of the business (Send, Receive, Make Payments, Create Cards)
For business's person with card only access, you need to create a cardholder with their First Name, Last Name and Cell Phone Number.
For any other person that needs view only access (for example: accountant), no KYC is needed.
DBA ("Doing Business As") Requirements as part of KYB
If the business is operating under a Fictitious business name ("Doing Business As" or DBA), it must be disclosed by the business, collected by the FinTech program and submitted to Solid.
- Collect the business's DBA information from the business
- Submit the business's DBA information to Solid
Solid recommends uploading the business's DBA document (for example, a fictitious business name certificate) while onboarding the business. The document may be set as a requirement by Solid on a particular business or all the businesses in a FinTech program.