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We have introduced an option to perform bank verification on the KYB flow. This will allow you, as our partner, to more easily collect the registered company’s banking data based on your compliance or business needs. Before performing bank verification on the KYB flow, make sure you comply with regulations that could potentially impact your company. Requiring bank verification is a good idea if:
  • You want to avoid any potential issues with onboarding an illegitimate company.
  • Your company’s processes require knowing potential partners’ finances.
  • You are working in a high-risk industry.
  • You have a legal regulatory obligation.
  • You want to ensure that the company is not participating in money laundering.
  • You want to evaluate the registered company’s financial situation.

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What bank information can be collected?

Four layers of bank verification data can be retrieved:
  • Basic Account Data– Includes the bank name, bank country, risk level, and other general details. -Account IBAN Data– Provides IBANs and account owner details, along with the information from the first layer. -Account balances– Displays the available and booked account balances if requested. -Full Transaction History – Retrieves transaction data for up to one year, including transaction date, booking date, details, recipient, amount, and more.

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How to add bank verification to the KYB flow

To add the bank verification to the KYB flow, please follow this flow: Click on business verifications → select settings → Custom flows → select if you wish to create a new verification or edit an existing one. If you decide to create a new verification, please follow this flow. If you, however, wish to edit an existing one, after clicking on the three dots, click edit and follow the details below:

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How to start performing verifications after the flow is added

When you’ve added the bank verification request option to your flow, all you have to do is start a verification session, requesting that the company verifying to perform the verification. You can read more about this by following this flow:

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How it looks from the users’ side

To familiarize yourself with how the bank verification looks on the end users side, please follow this flow: