Verify a Business - Know Your Customer (KYC)

Know Your Customer (KYC) is the verification process Oracle Payment Cloud Service uses to confirm the business, decision-makers, bank account, and terms of service details for a business. This helps protect your business and supports payment processing and payouts.

You complete business verification as part of onboarding. You can also return to verification at any time after onboarding by going to Business Management, selecting the business, and then selecting the link under Business Verification.

Before doing your verification, make sure you have the following information on hand. This is also shown before going into verifcation from the onboarding steps as will vary based on your country.

• Legal business name, address, and tax ID number.

• Individuals in key financial roles for the company, such as owners, controllers, and signatories. They will be asked to provide their personal information including name, address, date of birth, and the last four digits of their Social Security number. Additional documentation is often required such as color photos of a government-issued ID or passport.

• Banking information, such as a bank account number and routing number. Additional documentation is often required such as a letter from your bank or recent statement, screenshot of the online banking page with account name, address, and the account number visible.
  

Verification Status

The Business Verification drawer shows the overall verification status and the status of these checks:

• Business
• Identity
• Bank Account
• Terms of Services

If more than one decision-maker or bank account is added, you can see the status of each one. Decision-maker names are anonymized in the drawer and appear as Decision Maker 1, Decision Maker 2, and so on. To see the actual decision-maker name, click through to the verification page. Bank accounts are masked and show only the last four digits.

To return to the verification page, click Update Verification.

During onboarding, you can also see this information from step 2, Verify Business. Click View Status to open the drawer.

When Verification Needs Attention

After onboarding is complete for a business, Oracle Payment Cloud Service may show a notification if a verification check needs your attention. The notification is specific to the check that needs review. You can click through from the notification to review the details and make any needed updates.

For more information about notifications after onboarding, see Data Reviews.

Complete Business Verification

For step-by-step instructions, see Complete Business Verification.

Parent topics: Businesses , Onboard your Business