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Sub-Accounts Onboarding/
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Business
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Business

Overview

The process of verifying a Business entity involves two steps:

  1. Verification of the legal business entity;
  2. Verification of one or more Persons within the business.

The information and documents required may vary based on the territory that the business operates in.

Check Verification Status

In order to know when a Sub-Account of type Business requires verification, you can check either the Ryft Portal or by using the Accounts API.

Ryft Portal

Go to the Accounts page of your Ryft portal, find the relevant Sub-Account entity and click on it to open their details. You will find:

  • their current Verification Status, which indicates wether verification is required;
  • their Eligibility for payouts section that details what's still missing for them to be eligible for payouts.

Accounts API

Use the subAccountGetById endpoint to retrieve the details of a specific Sub-Account and check the verification field which includes the following:

  • status: when Required the account requires verification. Payouts are disabled until the Sub-Account is verified;
  • requiredFields: lists any additional information that must be collected for verification purposes.
  • requiredDocuments: lists one or more documents required in order to verify the identity of the business. Check the requiredDocuments.quantity field to see how many documents are needed.
  • persons.status: indicates the current verification status for individuals within the business.
  • person.required: indicates whether verification of one or more individuals within the business also needs to take place.

Response Example:

subAccountGetById - Response Example
{
    ....
    "verification": {
        "status": "Required",
        "requiredFields":
        [
            {
                "name": "business.registrationDate",
            }
        ],
        "requiredDocuments": 
        [
            {
                "category": "ProofOfBusiness",
                "types": [ "ArticlesOfIncorporation", "BusinessRegistration" ],
                "quantity": 2,
            }
        ],
        "persons": {
            "status": "Required",
            "required": [
            {
                    "role": "BusinessContact",
                    "minQuantity": 1
                },
                {
                    "role": "Director",
                    "minQuantity": 1
                },
                {
                    "role": "UltimateBeneficialOwner",
                    "minQuantity": 1
                }
            ]
        }
    }
}

Next Steps

Hosted Flow

If the Sub-Account was onboarded using the Hosted flow, their Ryft Portal will indicate if and what documents are required for verification. Main Accounts can however check their verification status via the methods indicated above.

Main Account holders can also subscribe to our Accounts webhook to receive updates about their Sub-Accounts. See here.

Non-Hosted Flow

If the Sub-Account was instead onboarded using the Non Hosted (API) flow and the verification status of a Sub-Account is Required, Main Account holders can start providing the required information using the subAccountUpdate endpoint and upload documents using our API (see here).

Additionally Main Accounts are required to create one or more Person entities within the business that are required for verification. See here.

Once all the required information and documents have been provided, the verification process will be automatically triggered. The verification status can be checked using the methods indicated above.

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