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Business Statuses

In Deliver, a business can have one of the following statuses, indicated by the status field.

A business was created, or a business’s record was updated in a way that requires re-verification.

If you are using your own customer identification provider (BYO-KYB), all businesses you create will automatically have a Verified status. The POST API response will return the business with a status of verified.

A majority of use cases require that businesses have a status of verified in order to send or receive funds. However, some use cases allow a business to have a status of created. Your use case will be determined during onboarding and will dictate which Business Status is required. The respective data requirements are listed below:

Created Business

  • Customer reference ID
  • Legal Name

Verified Business

  • Customer reference ID
  • Legal Name
  • Tax ID
  • Tax ID Type
  • Address
  • *Phone Number - only required for persons transacting with a card

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Diagram

The below example shows how a business can move through the above statuses. A business can move from “verified” to “restricted” if it matches a sanctions list anytime after its initial customer identification.

If a business fails customer identification and is set to the rejected status, we automatically kick off a manual review and attempt to retry the customer identification workflow to resolve the issue.

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Webhook Example

Deliver sends webhooks to notify you of business status changes.

  {
      "event_id": "0b0bd7a4-c9aw-49d1-97da-7353ea40fd02",
      "event_type": "business_verified",
      "created_at": "2022-08-26T18:40:31.775Z",
      "event_data": {
          "business": {
              "id": "d2c780fd-cd60-495f-a63d-60d4709410e5",
              "legal_name": "My Company Inc",
              "entity_type": "sole_proprietorship",
              "tax_id": "012345678",
              "tax_id_type": "tin",
              "status": "verified",
              "addresses": [
                  {
                      "id": "cw9ad970-637f-4e4a-b808-917efce377db",
                      "address1": "10 Test st",
                      "city": "New York",
                      "state": "NY",
                      "country": "US",
                      "zip5": "10001",
                      "created_at": "2022-08-26T18:28:50.569975Z",
                      "updated_at": "2022-08-26T18:28:50.569975Z"
                  }
              ],
              "contacts": [
                  {
                      "id": "f8d8aa5-cdcf-4e31-82b4-c438e786e5f8",
                      "value": "[email protected]",
                      "created_at": "2022-08-26T18:28:50.569975Z",
                      "updated_at": "2022-08-26T18:28:50.569975Z"
                  },
                  {
                      "id": "b0278cp1-3d01-2640-b4s9-26a6d1f5b2cv",
                      "value": "mycompany.com",
                      "created_at": "2022-08-26T18:28:50.569975Z",
                      "updated_at": "2022-08-26T18:28:50.569975Z"
                  },
                  {
                      "id": "d1479dd1-2d98-4967-a4f8-18d9e1e9a8ad",
                      "value": "+15551234567",
                      "created_at": "2022-08-26T18:28:50.569975Z",
                      "updated_at": "2022-08-26T18:28:50.569975Z"
                  }
              ],
              "created_at": "2022-08-26T18:28:50.569975Z",
              "updated_at": "2022-08-26T18:29:12.052262Z"
          }
      }
   }

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Business Verification

Orum maintains a comprehensive Customer Due Diligence (CDD) program.

KYB involves identity verification of a business. We provide two options for business verification:

  • BYO-KYB (bring your own)
  • Orum-KYB

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BYO-KYB

BYO-KYB (bring your own KYB) allows you to conduct your own KYB process. To utilize this option, you must provide Orum with your BSA/AML Policy and procedures detailing your internal KYB process, in addition to a virtual walkthrough of the process with our compliance team. Orum reviews and verifies the adequacy of your KYB process in conjunction with our financial partner agreements and Federal Financial Institutions Examination Council (FFIEC) compliance.

For BYO-KYB, you need to conduct adequate identity verification on your individual customers. At a minimum, you must verify the following information at onboarding and on an ongoing basis:

  • Full legal business name
  • Entity type
  • Tax ID (TIN/EIN)
  • Tax ID type
  • Physical address

Orum will still perform watchlist screening on all businesses, regardless of use case, at the time of onboarding and on an ongoing basis. Orum reserves the right to reject or restrict any customer from utilizing Orum’s products or services, regardless of the use case.

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Orum-KYB

Orum-KYB is an additional service we provide if you don’t have a Customer Identification Program (CIP) established and don’t plan to set one up for your platform. This option manages the complexities of creating and maintaining your own CIP in-house and puts the onus on Orum to verify the identities and ensure none of your customers are sanctioned individuals or business entities. We use third-party vendors to perform KYB verification on all Orum customers to verify their true identity before transacting with the Orum platform.

For Orum-KYB, we obtain and screen the following information through our third-party vendor at onboarding and on an ongoing basis.

  • Full legal business name
  • Entity type
  • Tax ID (TIN/EIN)
  • Tax ID type
  • Physical address

All businesses in Orum-KYB undergo watchlist screening, which provides constant monitoring and updates to various sanctioned lists (OFAC-SDN, OFAC NON-SDN, etc.).