Verify Your Business: KYC FAQ

Business verification, also called Know Your Customer (KYC), confirms the legal Business, relevant decision-makers, bank account, and terms of service information used for payment processing and payouts.

Tip: Complete verification as part of onboarding. You can return later if you need to provide more information or respond to a review.

What is KYC?

KYC is the verification process Oracle Payment Cloud Service uses to confirm information about your Business and the people and bank account associated with it. Verification helps protect your Business and supports payment processing and payouts.

KYC includes four checks:

• Business
• Identity
• Bank Account
• Terms of Service

When do I complete verification?

Complete verification during the Verify Business step of the Onboarding Steps. Select Verify and follow the prompts.

If you need to return later:

• While the Business is still being onboarded, open Business Management, select the Business, and choose Verify beside Verify Business in the onboarding checklist.
• After the Business is onboarded, open Business Management, select the Business, select Business Verification, and then select Update Verification.

You have 60 minutes to complete a verification session. If the session ends, you can return and continue later. Do not reload or refresh the page after you start entering verification details.

What information should I have ready?

Requirements vary by country. Before you begin, have the requested information available, including:

• Your legal Business name, address, and tax ID number.
• Details for the people in key financial roles, such as owners, controllers, and signatories.
• Bank account information, such as account and routing numbers.
• The documents requested to support identity or bank account verification.

Who is a decision-maker?

A decision-maker is someone who is authorized to sign contracts, owns 25% or more of the company, or has significant control over the Business. Guided questions help you identify the relevant role or roles.

For each decision-maker, enter their name exactly as it appears on their identity document, along with the requested contact and personal details. Depending on the verification requirements, a government-issued photo ID or passport may be required.

Can a decision-maker verify their identity with an ID document?

Yes. A decision-maker can choose Get verified instantly to upload or scan an ID document. The service can use the document to fill in some personal details and help complete identity verification more quickly. Review the details before submitting them.

Alternatively, choose Add details manually and enter the requested details yourself.

For identity documents, use a color photo, fit the document inside the frame without excess background, and make sure the image reads left to right.

What bank details and documents might be requested?

Enter the requested bank account information and choose the available verification method. You may be able to verify through a banking app or mobile website, or enter details manually.

A supporting bank document might be required. Examples include:

• A business bank statement in PDF format from the past 30 days.
• A screenshot of an online banking page that shows the Business account name, address, and account number.
• A photo of a voided business check that shows the Business account name, address, account number, and routing number.

For banks in the UK, the check should show the IBAN and sort code. Follow the requirements shown for your Business and country.

How do I sign the terms of service?

In the verification flow, select Sign services agreement. Review and agree to the terms of service, select the signer, and then select Sign.

How long does verification take?

After you submit all required information, verification can take several hours or, in some cases, several days. Check the verification status rather than starting a new verification request.

How do I check verification status?

If the Business is still being onboarded, open Business Management and select the Business to return to the Onboarding Steps. On step 2, Verify Business, select the status link to view verification status.

After the Business is onboarded, open Business Management, select the Business, and use the Business Verification link. The Business Verification drawer shows the overall status and the status of each check.

If more than one decision-maker or bank account is included, the drawer shows the status for each one. Decision-makers appear as anonymized labels, such as Decision Maker 1, in the drawer. Bank accounts are masked except for the last four digits. Select Update Verification to see the verification details and make changes.

What should I do when verification needs attention?

Oracle Payment Cloud Service may show a notification when a verification check needs review. The notification identifies the check that needs action and links to the relevant verification details. Open it, update the requested information, and submit the changes.

You can also identify a Business with outstanding verification work through its Business Status in Business Management, including the business list, tab navigation, and Business details page.

What is a Data Review?

After a Business becomes active, Oracle Payment Cloud Service may ask you to review its verification information again. This is called a Data Review. It confirms that the Business, decision-makers, bank account, and terms of service details are still correct.

A Data Review can be required even when nothing is wrong. Review the information, update anything that has changed, and submit confirmation. Complete the review before the deadline in the notification; missing it can affect payment flows, including payouts to your bank account.

Next steps

• Need the detailed process? See Complete Business Verification.
• Need to respond to a later review? See Data Reviews.
• Ready to continue setup? Return to Complete Initial Setup.

Parent topic: Verify a Business - Know Your Customer (KYC)