Consumer onboarding
    • 15 Dec 2023
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    Consumer onboarding

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    Article Summary

    Consumer onboarding

    This document outlines the requirements for a typical consumer DDA program.

    Step 1: Onboard a Person

    In the Synctera platform, a person represents a natural person, including account holders, beneficial owners of a business and authorized signers. A person can hold multiple of these roles at the same time. Please see details in Synctera dev docs.

    Step 2: Record Disclosure Acceptance

    An important requirement when onboarding new customers is telling them about laws and regulations that affect them: that is, you must disclose that regulatory information. Please see details in Synctera dev docs.

    Diagram: Disclosures

    Step 3: KYC the Customer

    US banking regulations require banks and other financial institutions to collect and verify information about the customers they do business with. These regulations require the establishment of a Customer Identification Program (CIP), commonly referred to as know your customer (KYC). These programs require:

    • Data Collection: name, date of birth, address, and government issued ID.
    • Disclosures: notifying customers about the collection and retention of data.
    • Verification: verifying that the information collected is current, valid, and up-to-date.
    • On-going monitoring: verifying customer is not on a known watchlist.

    Please see details in Synctera dev docs.

    Document Verification (DocV) is required for launch when customers go into KYC review status. Please see details in Synctera dev docs.

    Diagram KYC 1.1 (High-level Overview)

    Diagram KYC 1.2 (Detailed)

    Sample text guide for KYC results
    Sample text for KYC in review:
    • TBD
    Sample text for KYC rejection
    • TBD

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