Business onboarding overview
Overview of the process of adding and verifying a business.
The Bond platform provides the ability for you to have a Business as a Customer to whom you can provide financial services, such as cards. You do so by creating a business resource.
A business must comprise at least one Beneficial Owner that you add to the Business resource.
In many ways the business is treated as an entity in the same way as a regular customer is treated, but the verification check used for a business is a KYB process which is also performed as part of the credit application submission. Running this process validates the legal business entity itself, but each Beneficial Owner also needs to be verified using the KYC process.
To bring a business on board, you need to:
-
Create a Business using the business' information.
-
Create one or more Beneficial Owners for the business.
If the business fails the KYB, you cannot provide them with a card.
Updated 23 days ago