Onboard a Buyer
Register your Buyer customers using the API. Buyers need to complete due diligence before they can start using any financial services.
You can onboard buyers in 6 steps:
- Register a buyer identity
- Set the admin user’s password
- Verify the admin user’s email address
- Enrol the admin user’s mobile device
- Submit due diligence information/documents to verify the buyer
- Admin logs in to Account
1. Register a buyer identity
A Buyer represents a business entity that can be provided with financial services to perform embedded payment runs. To start the onboarding process you need to create a Buyer by providing the company and admin information.
The admin must be a legal representative of the buyer such as a director or a representative who has the power of attorney over the company. Once onboarded, the admin will always have full access to the identity and will be able to invite other users.
You can find your API key in the Portal. Learn more about authentication and how to obtain your API key here.
Weavr returns the buyer object that contains the information you provided together with the id, which is used to identify this particular buyer in subsequent API calls.
2. Set the admin’s password
To set a password, you need to use a different API – not the one that you used to create the user. In this case, you need to set the admin user’s password.
If you are not PCI compliant, you cannot handle your customers’ plain-text passwords. Instead, you must tokenise passwords. Find more information on how to transmit data securely here.
3. Verify the admin user’s email address
The admin user must verify their email address before the Buyer can start using their account.
You can start the verification process using the API, the admin user will receive an email sent to the email address which was given during buyer creation.
To send the verification email, the admin user does not need to be authenticated.
Email verification
The verification email will include a verification code and a URL that redirects to your application. Once the user clicks this URL, they should be redirected to a page on your application where they can input the verification code that they received.
For the email verification to work, you need to configure your application’s base URL. Find more information on where and how to configure it here.
Verify the email address of the admin user by submitting the verification code that the admin user received in the email and then submitted to your application.
The email verification link is valid for 60 minutes and this begins from the moment that the verification is triggered. During the time that the link is valid, the user can continue to authenticate via the Weavr login (in case the page you have created is behind a login). A user can trigger a new email verification link (within the 60 minutes) and the new link will be valid for 60 minutes.
If the user does not verify their email via the link, they will not be allowed to initiate the KYC process.
Also, a user without a verified email (because the link has expired for example) is considered ABANDONED. Users with this state are still visible in the portal and are displayed as INACTIVE, with the further description of ABANDONED displayed in the side panel.
If an ABANDONED user registers again with the same email address (and completes the verification), the user becomes ACTIVE and will automatically be updated from the ABANDONED state.
4. Enrol the admin user’s mobile device
The admin user must enrol their mobile device before the buyer can start using their account.
You can start the enrolment process using the API. The admin user will receive a text message (SMS) on the mobile number that you provided when you created the corporate.
To send the enrolment text message, the admin user must be authenticated.
Verify mobile device
You must build a page in your application where the user will be able to enter the verification code that they received in the text message. Then, you need to submit the verification code using the API.
To verify the verification code, the admin user must be authenticated.
5. Submit due diligence information/documents to verify the buyer
With Weavr, you can embed a UI component in your application, which will capture all of the information and documentation required for KYB. Your user will not need to leave your application.
Email Verification is a prerequisite for starting the KYB process and have to be completed before the KYC verification of at least one director or authorised representative (with Power of Attorney) can be initiated.
The following information will be captured as part of the due diligence process:
- Copy of the Certificate of Incorporation
- Copy of the Articles of Association (last amendment)
- Proof of business address such as a copy of a bank statement or lease agreement in the name of the business
- Recent commercial registry extract clearly showing company structure including UBOs (ultimate beneficial owners)
- UBO declaration form (downloadable here)
- List of UBOs owning at least 25% of the company
- KYC verification of at least one director or authorised representative (with Power of Attorney)
Trigger the KYB process by calling the API:
Weavr returns the reference parameter in the response body. Use this value to initialise the KYB UI component. You can find more information on the KYB UI component here.
You can receive updates on the Buyer’s KYB status by listening to the buyer KYB webhook. You can find more information on how to integrate with Weavr’s events here.
Apart from the admin user, buyers identities can authorise other users to access their account. Find out more information on how to authorise additional users here.
6. Admin logs in to account
To complete the on boarding process, once the KYB is verified, the Buyer's admin must log in again and step up their token.
This step is required so that the plug-in creates the Zero Balance Account and assigns the Bank Details to the account.