What is KYB?
KYB stands for "Know Your Business". This is sometimes also referred to as KYC which stands for "Know Your Customer."
The KYB process is a regulatory and legal requirement any time a new bank account, money transfer process or card processing account is set up. KYB is one of many steps we take, together with our payment solution providers, to ensure against money laundering, the funding of terrorism, fraud, and the illegal transfer of funds.
Through KYB, our customers' identification is verified using reliable and independent information and documents. Our customers will also be asked about the nature of their funding activities in order to satisfy that the source of the funds is legitimate.
Because of the payment solutions Paynode offers, successfully completing the KYB process is a prerequisite for each of our members.
How does the KYB process work?
Identify who in your organization can provide the company information asked for in the KYB form and who also has the right to bind the company to the Paynode terms and conditions. This is typically your CFO, Controller, or Owner.
Ask your Account Manager to grant that person access to your company's KYB form.
Input the information and upload the documents required on the KYB form. This includes information about the company's legal registration, bank account(s), ownership structure, registered directors, and payment volumes. You can save your work and come back to this page as needed.
Once the form is complete, accept the terms and conditions and submit the form for review.
Paynode's solution providers then review and validate the information provided. In some instances, you may be asked to provide clarifications or additional documentation.
Once your company has been approved, your Paynode account setup will be finalized.