Individual Customer Onboarding
This guide highlights the high level steps involved in onboarding an individual customer onto the product.
Individual Customer onboarding is the initial step that you are required to do before you can start offering any of the services being offered as part of the platform. This is the first step required as part of the entire customer due diligence journey that the user undergoes on an ongoing basis as they avail financial services on the platform.
What is an Individual Customer
An individual customer refers to a person who is seeking to establish a relationship to access financial services for a product offered by you via the Roecny platform. The individual customer is typically an end-user or consumer for whom you would be doing account issuance, card issuance, and providing access to payouts and collections facility.
Onboarding an Individual Customer
Before any account can be issued in the system, a customer record needs to be created. In addition, the requirements the customer needs to go through will vary depending on the product construct and legal jurisdiction. Work with your Implementation Manager to understand the nuances and have a robust journey tailored to your business.
The lifecycle journeys can be listed down as below:
- Initial customer record creation
- Customer contact details verification (only available in v2)
- Ongoing name screening and sanction list screening
- Additional demographic information collection
- Document review and verification process
Get started with the integration for onboarding individual customers.
Individual onboarding v2
We are progressively updating our onboarding APIs to better manage the intricacies of customer onboarding. For customers in the Philippines integrating with the platform, leverage the v2 APIs.
Individual Record Creation
Before a payment account can be created or a business relationship can be established with an end customer, a minimal amount of information is required to be collected from the customer for creating the customer record. This is a prerequisite for account creation for product configurations which allow min KYC users to be issued an account.
Ongoing Name Screening and Sanction List Screening
To ensure regulatory compliance, the initial details captured are evaluated for potential presence in sanction lists, adverse media exposure, and politically exposed persons, in addition to various local lists around the region. This is an asynchronous process that takes place post-initial record creation. In addition, after every update or addition to the customer's information, the customer's demographic information is again evaluated to ensure compliance.
The demographic information on record is periodically re-scanned to ensure proper due diligence is performed on all individuals onboarded onto the platform.
Customer Contact Details Verification
To ensure authenticity of contact details of customers onboarded, as a platform we provide the ability to authenticate the end-user details and ensure the validity of that information for downstream processes like:
- Transactional OTP messages
- Tokenization authentication process
Additional Demographic Information Collection
As part of ongoing customer due diligence or to provide higher limits for the customer as defined by product configurations, additional customer demographic information needs to be provided. This goes in conjunction with the document verification process listed below.
Document Review and Verification Process
As part of the customer due diligence process, the customer is obliged to validate the demographic information provided. This can be verified by doing a document verification or information retrieval via government registries like Singpass, Aadhaar, to name a few. As a platform user, you have multiple options available to you for onboarding a user and fulfilling the document review and verification process.
The avenues available are also dependent on the contractual relationship established as part of the product configuration.
| Onboarding Arrangement | Options Available | Pre-requisites | Partner Responsibilities |
|---|---|---|---|
| Roecny Platform Managed | - Document Upload | NA | - Integrate document upload APIs |
| Roecny Platform Managed | - eKYC | NA | - Integrate Roecny eKYC APIs |
| Roecny Platform Managed | - SingPass | NA | - Integrate Roecny eKYC APIs |
| Third Party Reliance | - Existing partner solution | Partner and use case has to be validated and approved by Roecny compliance | - Proper audit of all verifications done - All demographic information and documents to be updated in Roecny system - Ensure all identity information is accurate and up to date |
| Outsourcing Arrangement | - Roecny Approved vendors | Partner and use case has to be validated and approved by Roecny compliance along with additional contractual agreement | - Proper audit of all verifications done - All demographic information and documents to be updated in Roecny system - Ensure all identity information is accurate and up to date - Periodic audits as per aligned schedules |
Work with your Implementation Manager to understand the approach best suited for you.