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Know your customer (KYC)

Banking regulations require that financial institutions perform a Know Your Customer KYCKYC - Know Your Customer. The compliance that financial institutions put into their policies and procedures to verify a customer's identity. process to verify customers' identity before they can use their accounts.

Bond provides connections between brands and banks. A brand can have partnership programs with multiple banks; each program has a unique card_program_id. Bond Studio provides APIs to perform the customer verification process on behalf of the bank.

In Bond Studio, you initiate the KYC process after you create a customer object representing the consumer who wants to set up an account. The consumer provides the required personal information during the application process.

The customer_id is a required path parameter for the API request to initiate a KYC process. The card_program_id is a required body parameter.

The combination of these 2 parameters in the request indicates that Bond will do a verification check on a particular customer on behalf of a particular bank partnered with the brand .

The KYC request for the customer is asynchronous (meaning that the reply is not always immediate), so you must configure a webhook to listen for KYC events.

Bond provides a kyc.verification.status passed/failed response to the callback_url (for example, http://www.brandurl.com/bond-kyc) configured in the webhook.

If the kyc.verification.status is passed, the customer's information has been validated and they are eligible to access the services provided by the bank. You can now create a card for the customer.

If the response returned is failed, execute a KBAKBA - Knowledge Based Authentication. A form of identity validation done by prompting the user to answer questions based on their private information. Performed in the event that the KYC process fails. Generally KBA is interchangeable with OOW. For example, "Out of these 4 addresses, in which have you resided previously?". (Knowledge Based Authentication) request. The KBA process prompts the customer to answer multiple-choice questions that are easily recallable by them, but obscure to others. If the KBA process fails, customer verification has failed.

Updated about a month ago



Know your customer (KYC)


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