Introduction
Intended Audience
The document is intended for developers who have a basic understanding of the following:
REST APIs that request and receive data in the JSON (JavaScript Object Notation) format.
Running REST API methods on Postman or integrating these methods in any programming language.
The KYB (know your business) compliance regulations.
Terms Used in Document
Client - The Rapyd client that may have an ecommerce marketplace.
Seller - The customer of the client that may, for example, have an ecommerce site on the client’s marketplace.
Rapyd Verify - Rapyd’s API compliance solution for clients and sellers.
Abstract
Rapyd Verify verifies the identity of the client’s business and the individuals associated with it. This compliance solution also provides a simple and dynamic process for the clients to deploy a KYB procedure for their sellers. The requirements differ from country to country.
This procedure is an essential step in the process of onboarding the client and setting up the client wallet. If the client is a marketplace, this is relevant to the sellers (merchants) of the marketplace and their company wallets. When an application is submitted to Rapyd for review, its status is changed from new set to submitted. After the evaluation, the status usually changes to approved, pending (additional information is required) or rejected (see full status list in step 8).
When an application is approved, the usage limits of the Rapyd payment methods are removed. Note that in certain cases there may still be other limits for partners and merchants.
There are three independent workflows for Rapyd Verify:
Hosted Workflow - An API call generates a unique URL to a hosted application page where the prospective merchant or seller provides information directly to Rapyd. The application is customized for a particular type of organization and country. See Create Rapyd Verify Application.
Client Portal Workflow - The KYB process is initiated and managed via the Client Portal. See Signing Up For a Rapyd Business Account.
Direct API workflow - Enables a fully customizable process where the client creates their own user interface for the application. The client is responsible for collecting information from the merchant or seller. When the application contains all required information, the application is submitted to Rapyd for review. This guide describes the direct API workflow.
Notice
The fields required for an application might change without notice due to changes in applicable laws, government regulations, industry standards, business requirements or other cause. To ensure smooth processing of applications, the client must take regular action to determine which fields are required. The related procedures are indicated in the workflow section of this document.