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KYB - Proof of ID document expiry process changes

· 3 min read

We are making a number of changes in this release to how we handle expiry of proof of ID (PoI) documents in KYCKYC Know Your Customer - the identity verification process for consumer identities. This process allows you to seamlessly and securely verify your user's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. and KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers.. Expiry refers to the “valid until” or “expires” date shown on the form of ID (such as a passport or national ID card).

Effective:

  • 23 July 2024 on Sandbox
  • 24 July 2024 on Live

The key points are as follows:

The BuyerBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator.'s KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. good standing depends on the individual PoI documents being valid (not expired) for the Admin User (/appointee), plus ALL of Ultimate Beneficial Owners (UBOs). All of the BuyerBuyer A business entity in the Payment Run solution that can be provided with financial services to perform embedded payment runs. Buyers are onboarded through a KYB process and can create payment runs to pay their suppliers. They have roles such as Admin, Controller, and Creator.'s accounts will be restricted from transacting if any of the required IDs are deemed to be out of date after attempts to alert the stakeholders, until brought back into good standing.

  • In any actual restriction action Weavr will sendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. a webhook and notification email as well as proactive support team engagement.

  • The EmbedderEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. has the primary responsibility to communicate with End Customers and their representatives/stakeholders in advance of PoI expiry and in the event of documents having expired. EmbeddersEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers.' systems should provide one or more advance warnings to the relevant end customer contacts.

  • Weavr will now sendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. webhooks to the EmbedderEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers.’s endpoint for every soon-to-expire PoI 30 days before expiry, 10 days before, and on the day of expiry. In addition a final warning is sent 10 days after the day of expiry. EmbeddersEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. should use these webhooks to construct the relevant notifications for End Customer stakeholders.

  • In addition to the above webhooks, Weavr will sendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. emails directly to the affected Admin User (or non-director Admin User plus director appointing them). The email content is as follows and can be customised by the EmbedderEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. for their programme, on request via support ticket:

email

  • The above email will be sent 30/10/0 days before as well as 10 days after the ID document expiry date.

  • The 30/10 days before and 10 days after expiry timeframes are configurable per EmbedderEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. programme: contact Weavr if you wish to make changes in this regard.

  • Note that any accounts currently affected by having one or more PoI documents already expired at the go-live date of this release, will already be subject to compliance case management with EmbedderEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. support teams. Any soon-to-expire cases after the go-live date will begin receiving reminders immediately.

Read the full article on Proof of ID expiry to find out more (requires Weavr Support Portal login).