KYB
Know the identity validation process for companies.
What is KYB?
KYB (Know Your Bunoess) is a is a method to verify the identity of your legal entity clients through technological solutions. The objective is to ensure that the company providing the information is indeed the company, that the data is true, and to prevent fraudulent activities.
What do we do to validate a KYB session?
At Pomelo, we take your security very seriously, which is why we carry out a rigorous process to validate each company that wants to use your services and all its partners and legal representatives.
We use local and international information bureaus and biometric services to verify all the company's information.
To perform these verifications, we request different data from the company and personal information from each of the members.
With all that information, we perform automated validations at each stage to streamline the process, and finally, our team of experts performs a detailed manual review to guarantee maximum accuracy and reliability. This process usually takes approximately 7 bunoess days on average to reach a final decision.
Integration methods
API
Discover how to integrate company identity validation into your platform with total control and flexibility through our APIs for a personalized experience.
How is a KYB session composed?
Each validation session for companies is composed of 6 steps, that is, different stages of the session:
1. Acceptance of TyC
Vía API you will find it as TERMS.
Your client will need to accept our terms and conditions to comply with local regulations and security policies.
2. Data form
Vía API you will find it as DATA_ENRICHMENT_MANUAL.
It will be necessary to gather information about your company to know the beneficiaries, directors, and legal representatives and to ensure compliance with registration requirements, which will vary depending on the country.
3. Company validation
Vía API you will find it as GOVERNMENTAL_CHECK_COMPANY.
We will verify all the information in the government databases to confirm accuracy and match with the data provided in previous steps.
4. Partners validation
Vía API you will find it as PARTNER_CHECK.
We will verify that all necessary owners and legal representatives have individually validated their identity through KYC.
5. Documentation validation
Vía API you will find it as DOCUMENT_CHECK.
We will request different documents about the company to verify compliance with the necessary requirements and the number of required users for validation.
6. Risk validation
Vía API you will find it as EXCLUSION_CHECK.
We will carry out an AML (anti-money laundering and counter-terrorist financing) screening process to confirm that the person is not on any risk list (international or local) or politically exposed person lists.
Once the entire identity validation process is complete, the newly created company will be eligible to associate with new products, such as cards or digital accounts.