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About onboarding sub-entities Beta

Last updated: 13th July 2022

Vendors, retailers and service providers on your platform are represented by sub-entities in our solution. A sub-entity is used to collect the information we require to perform due diligence checks, as well as capture certain preferences.

On this page, we'll discuss what information you need to start onboarding sub-entities to your platform and the difference between account types.

Account types

Your Platform account type will determine:

  • The due diligence checks performed on your sub-entities.
  • The capabilities available to your sub-entities (and enabled once checks are passed).

Unless otherwise agreed during your onboarding, the table below explains what is included.

Account typeDue diligence checksCapabilities enabled if passed

Lite

  • Card scheme screening (CSS)
  • Payments

Full

  • Card scheme screening (CSS)
  • Politically exposed persons (PEP) and sanctions
  • Know your customer (KYC)
  • Know your business (KYB)
  • Payments
  • Payouts

Sub-entity types

There are 2 sub-entity types: individual or company. When onboarding, you need to provide information about that sub-entity.

  • Individual: This sub-entity type represents a person running their own business as an individual – sometimes referred to as a sole proprietor or trader.
  • Company: This sub-entity type represents a legal entity formed by a group of individuals that engage in and operate a business. Some of these individuals can be representatives of the company – shareholders or ultimate beneficial owners (UBOs) who own ≥25% of the company or voting rights. If there are no UBOs who own ≥25% of the company, the representative(s) should be an individual with the right to sign on behalf of the company. We require information about these representatives during onboarding.

Requirements for compliance due diligence

The information required depends on the sub-entities' registered country.

This section focuses on information required for compliance and due diligence purposes. For a full list of what the Accounts API requires, see our API reference.

To provide greater flexibility, we don’t need you to provide all the data required for due diligence checks upfront; you can onboard a sub-entity with the minimum required information and then enrich it later through updates.

We will trigger our checks only when we have all the information required to conduct them. If you do not provide all necessary information, your sub-entity will remain in the requirements_due status.

    Unless otherwise agreed during your onboarding, sub-entities on the lite account will have the payments capability available.

    Select the registered region of the sub-entity to see the requirements.

    Sub-entity typeRequired information

    Individual

    • First and last name
    • Trading name
    • Registered address

    Company

    • Legal name
    • Trading name
    • Principal (primary) address
    • Registered address

    Company representative

    • First and last name
    • Address country
    Sub-entity typeRequired information

    Individual

    • First and last name
    • Trading name
    • Registered address

    Company

    • Legal name
    • Trading name
    • Principal (primary) address
    • Registered address

    Company representative

    • First and last name
    • Address country

    Manual reviews

    On occasion, our team will need to manually review a sub-entity before the result of our due diligence checks can be confirmed. Manual reviews can take a little longer to complete and may delay the check result and capability update notifications that you should expect to receive. If you have provided all the required sub-entity information and have left sufficient time to receive notifications regarding the outcome, then it’s likely that the sub-entity is being manually reviewed. However, if you have any concerns, please contact us.

    We are working hard on creating a notification to inform you on manual reviews to provide more visibility.

    Next steps


    Onboard a sub-entity

    We'll walk you through the entire process for onboarding a sub-entity onto your platform by using our Accounts API, or our friendly user interface.