The verification process for Individual entities involves KYC (Know Your Customer) checks.
Please note that in most cases, this isn't always immediately required. Generally, unless otherwise communicated by a member of the Ryft team, Individual entities will only be required to verify their identity once they withdraw more than the configured threshold amount in a given currency. Unless stated otherwise, this threshold for GBP is set to £2,500.
Verification of Individual entities tipically consists of the user providing an up-to-date form of identification such as a Passport, Driving License or National ID.
In order to know when a Sub-Account of type Individual requires verification, you can check either the Ryft Portal or by using the Accounts API.
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.
Use the subAccountGetById endpoint to retrieve the details of a specific Sub-Account and check the verification field which includes the following:
status: whenRequiredthe account now requires KYC verification. Future payouts will be disabled until the Sub-Account is verified;requiredFields: lists any additional information regarding the individual that must be collected for verification purposes.requiredDocuments: lists one or more documents required in order to verify the identity of the individual.
Response Handling:
{
"id": "ac_ac_XXXXXXXX",
"type": "Sub",
"entityType": "Individual",
"individual": {
...
},
"verification": {"status": "NotRequired"},
...
}In this case verification is not required at this stage. Payouts are allowed, as long as a Bank Account has been provided.
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.
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).
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.