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Verification helps confirm that participant information satisfies the requirements needed to support onboarding, compliance obligations, participant activation, and access to platform services.
Verification requirements may vary based on participant type, business structure, jurisdiction, enabled capabilities, and applicable regulatory requirements.
This section explains the information required for verification, common verification workflows, verification outcomes, and remediation processes when additional review is required.
Verification helps platforms:
Participants must satisfy applicable verification requirements before they can access enabled platform capabilities.
Verification requirements vary based on participant type.
| Participant Type | Verification Requirements |
|---|---|
| Platform | Legal business information, registration details, tax information, ownership, business activity, MCC, selected products |
| Individual Participant | Legal name, date of birth, address, identity or tax identifier, contact information, supporting evidence |
| Business Participant | Legal business name, registration details, entity type, business activity, addresses, owners, control persons, authorized representatives |
The information required depends on the participant's role, selected products, geography, and applicable compliance requirements.
Verification evaluates the information submitted during onboarding and determines whether additional review or supporting information is required.
Verification activities may include identity verification, business verification, compliance screening, and risk-related reviews, depending on participant requirements.
Approved participants become eligible for activation and access to configured services.
Participants generally progress through the following stages:
| State | Description |
|---|---|
| Submitted | Participant information has been received |
| Verification In Progress | Identity, business, compliance, and risk checks are being performed |
| Additional Information Required | Additional information or documentation is needed |
| Under Review | Manual or enhanced review is required |
| Approved | Participant is eligible for activation |
| Declined | Participant did not satisfy requirements |
State names and workflows may vary based on geography, participant type, and enabled capabilities.
Verification cannot always be completed using the information initially provided.
When additional information is required:
Participant-facing communications should provide clear instructions without exposing:
The remediation process may include:
Verification requirements may vary based on:
Verification requirements typically focus on identity validation and individual eligibility reviews.
Verification requirements may include business validation, ownership verification, control person verification, and business structure review.