Verify Business/Customer (KYB/KYC)

KYB Verification

KYB is a mandatory requirement for all businesses before they can be established.

In certain B2B Scenarios, a Fintech may receive custody of funds and is only required to ledger those funds to accounts for accounting and auditing purposes. In such cases, the Fintech can offer controlled accounts without needing to perform KYB on the account holders. A common example is employer incentive programs, where the Fintech is entrusted with funds by the employer to distribute to employees on their behalf.

The KYB service provider can be configured at the Fintech Tenant level, allowing each Fintech tenant withing the platform to operate with a KYB provider that best suits their needs. The selection of the KYB service provider is ultimately determined and authorized by the bank, ensuring compliance with regulatory and risk management requirements. By default, Interlace comes with an out-of-the-box integration with Sardine, providing a seamless KYB onboarding experience for Fintechs right from the start. However, the flexible architecture allows for alternative KYB providers to be integrated based on the Bank's preferences or specific Fintech requirements.

• KYB Verification request provides an application reference ID that can be used for kybId to pull KYB Details, see sample responses below.

curl --request POST \
     --url https://api.infinant.com/interlace/v1/business/verify \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
     --data '
{
  "incorporationType": "Sole-Proprietorships"
}
'

{
  "kybId": "22084",
  "applRefId": "06255a5e-d98e-4f37-b43b-e66b6398cc79"
}

• KYB Details specifies a details report for the business verification

curl --request GET \
     --url https://api.infinant.com/interlace/v1/business/verify \
     --header 'accept: application/json'

{
  "kybId": "22084",
  "status": "Pending",
  "report": "Verificarion report details"
}

📘

KYB Report is base64 encrypted.

KYC Verification

KYC is performed for all customers in the Platform. In the case of business accounts, KYC is specifically conducted on the individual business owners.

In certain B2C scenarios, the Fintech is granted custody of funds and is only required to ledger these funds to user accounts for accounting and audit purposes. In such cases, the Fintech can offer controlled accounts without needing to perform KYC on the end user. A common example of this is a gaming application, where users either purchase credits or win prizes, and the corresponding credits are allocated to their accounts without triggering KYC requirements.

The KYC service provider is configurable at the Fintech Tenant level, allowing each Fintech operating on the platform to utilize a KYC provider that aligns with their specific operational or regulatory needs. The selection and approval of the KYC provider are managed by the bank, ensuring that all identity verification processes comply with applicable regulations and the bank's risk management policies.

Out of the box, Interlace offers seamless integrations with leading KYC providers Sardine and Alloy, enabling Fintechs to quickly onboard users with robust identity verification capabilities. However, the platform is designed with flexibility in mind, allowing banks to support additional or alternative KYC providers as needed, giving Fintechs the ability to scale and adapt their compliance stack.

• KYC Verification provides a high-level score, with a full report.

curl --request POST \
     --url https://api.infinant.com/interlace/v1/customers/verify-identity \
     --header 'accept: application/json' \
     --header 'content-type: application/json'

{
  "source": "call",
  "status": "Approved",
  "score": "high",
  "report": "new",
  "questionnaire": [],
  "verificationId": "1234",
  "documentVerificationRequired": true,
  "additionalDocumentationNeeded": false
}

📘

KYC Report is base64 encrypted.

KYC Scoring Table