Bond Studio provides the ability for you to have a BusinessBusiness - An entity that your brand can have as a client. Similar to a customer. as a CustomerCustomer - One of the Bond Studio Services handling a consumer's personal information. 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 OwnerBeneficial Owner - A shareholder or partner in a business. 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 KYBKYB - Know Your Business. The compliance that financial institutions put into their policies and procedures to verify the identity of the company they plan to have a business relationship with. process. Running this process validates the legal business entity itself, but each Beneficial Owner also needs to be verified using the KYCKYC - Know Your Customer. The compliance that financial institutions put into their policies and procedures to verify a customer's identity. process.
To bring a business on board, you need to:
- Create a Business using the business' information.
- Verify that the information provided by the business is authentic by running KYB.
- Add one or more Beneficial Owners to the business.
- Verify that the information provided by the Beneficial Owner(s) is authentic.
If the Business fails the KYB and they can't pass a manual check, you cannot provide them with a card.
Updated 3 months ago