Business onboarding overview

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.