Businesses

Description of the Bond Business resource and it's relationship to other resources.

The business resource represents a company that has signed up for an account with a card program offered by your brand.

You can create and manage business instances using the business API.

When you create a new business object, the company's official details are required body parameters for the request. The response returns a unique identifier for the new business instance, business_id.

A business must have at least one Beneficial Owner who is the owner/stakeholder in the company.

The business must be submitted to the KYBKYB - Know Your Business. The compliance that financial institutions put into their policies and procedures to verify the identity of a business. process to verify that the business details are correct and which checks that all the details are accurate and valid. Before the company can be issued a card, all Beneficial Owners must also undergo KYCKYC - Know Your Customer. A standard banking risk assessment practice to prevent identity theft, money laundering, fraud, and terrorism by verifying customer identities and understanding their transaction habits. KYC is a mandatory requirement of legal compliance in the financial sector. for the business to achieve full verification.

The following chart shows the interactions between the business resource and other Bond objects and processes.

Business verification (KYB)

To comply with financial services regulations, you must initiate a KYB to verify the information that the company supplied. For a complete specification and interactive examples, see KYB in the Bond API Reference.

Beneficial Owners

You must add at least one Beneficial Owner to a business and every Beneficial Owner must undergo the KYC to verify their information. For a complete specification and interactive examples, see KYC in the Bond API Reference.

Issue a card to a business

You can issue a business card and create a card account for a verified business by making a request to the /cards endpoint. The business_id and program_id are required parameters. The program_id identifier represents the card program offered to customers by your brand in partnership with a bank. For a complete specification and interactive examples, see Creating a business card in the Bond API Reference.

You can also issue supplementary cards which are cards that are attached to a regular business card. The sum of the credit limits of all supplementary cards of a business card can't exceed the credit limit of the main card. For a complete specification and interactive examples, see Creating a supplementary card in the Bond API Reference.

Link a card account to an external bank account

To comply with financial regulations, Bond verifies the external bank account and creates a unique external_account_id identifier for each validated external account.

You can link an external bank account with a business' card account. The business can then transfer funds back and forth between the card and the external bank account. For a complete specification and interactive examples, see Linking a card to an external account in the Bond API Reference.

View a businesses' transactions and account balances

To view transactions made by a business card, pass the account_id as a query parameter in a request to the transactions API. To view the balance held on a card by a business, pass the account_id as a query parameter in a request to the balances API.


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