Buyer Due Dilligence
BuyersBuyer 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. that are being onboarded need to complete 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. (Know Your Business) before they can use any financial service. Such BuyersBuyer 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. are required to provide due diligence information.
The first screen shown in the KYB UI component requires the Admin User 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. to view and consent to the Terms and Conditions.
Following acceptance of the Terms and Conditions, the Admin User is asked questions that serve to determine whether 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. can be classified as an Enterprise Business or not.
Micro-enterprises are businesses that are smaller than SMBs and need to be treated as “retail” customers.
The following are the types of organizations that can be onboarded:
- Private limited liability company (Ltd Co / LLC / GmbH)
- Partnerships
- Public limited company (plc)
The following information is captured as part of the standard due diligence process, for a private limited liability company.
- Basic details about the Identity
- Name
- Registration country
- Registration number
- Date of incorporation
- Company contact phone and email
- Addresses:
- Registered address
- Business address, if different from the registered address
- Correspondence address, if different from the registered address
- Copies of documentation including:
- Certificate of Incorporation
- Articles of Association (last amendment)
- Recent commercial registry extract clearly showing company structure including UBOs (ultimate beneficial owners)
- Proof of business address such as a copy of a bank statement or lease agreement in the name of the business
- UBO Declaration Form identifying all UBOs (owning 25% or more)
- List of UBOs owning at least 25% of the company. Proof of Identification and Proof of Address for each UBO is to be submitted by the Admin User (or appointed representative).
- 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. verification of at least one director or authorized representative (with Power of Attorney)
- List of current company directors
- Questionnaire including, but not limited to, sections covering:
- Business website URL or similar marketing information
- Business activities
- Expected Source of funds to be deposited in Identity accounts
- Projected Transactions
BuyersBuyer 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. who are considered as Micro-enterprises are not onboarded for now. If 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. is a micro-enterprise the KYB UI Component returns an error event MICRO_ENTERPRISE_NOT_SUPPORTED
Retrieve the KYB status of a Buyer
In order to determine the 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. status of a 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., use
The kybStatus field returns the 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. status for 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..