If you already have an established customer onboarding process or wish to retain greater control over the onboarding flow, Paynetics offers the flexibility for you to manage your own KYC (Know Your Customer) and KYB (Know Your Business) processes.
This setup is subject to prior approval and ongoing oversight by Paynetics to ensure full alignment with our regulatory, security, and risk management standards.
Approval Process
Before you can operate under the Partner Managed KYC/KYB model, Paynetics must review and approve:
Your selected KYC/KYB vendors
Your onboarding procedures and policies
Your system architecture and controls
The list of required verifications and documentation will be tailored to your business model and customer risk profile and will be provided by Paynetics during the onboarding of your program.
Evaluation Steps:
Demonstration of your KYC/KYB process: A detailed walkthrough of your customer onboarding journey.
Audit of policies and procedures: A thorough review of your KYC/KYB documentation, workflows, and control points.
Vendor review: Assessment of the external providers supporting your KYC/KYB process.
System access: Paynetics will require direct access to your KYC/KYB systems for monitoring and audit purposes.
Ongoing Responsibilities
You must provide Paynetics with real-time submission of all KYC/KYB documents, verification reports, and vendor checks via the Onboarding API.
Paynetics reserves the right to override any verification decision at any time.
Annual AML audits of your vendors and processes will be conducted, with increased frequency if dictated by monitoring outcomes or customer risk profiles.
Gradual Autonomy
Initially, all customer verification decisions will require Paynetics' approval. Once your processes consistently meet our standards, you may be granted the ability to onboard customers independently, subject to:
Random, ongoing checks by Paynetics
Full process audits conducted annually, semi-annually, or more frequently if risk factors warrant
If any breaches of policy or regulatory standards occur, Paynetics may:
Reintroduce stricter control levels
Require additional approvals
Temporarily suspend the onboarding of new customers in serious cases
Key Considerations
You must maintain full audit trails for all KYC/KYB decisions.
Paynetics will regularly review your system configuration, vendor management, and data handling practices.
All changes to your KYC/KYB flows, vendors, or risk policies must be communicated to Paynetics in advance for review and approval.