KYC and KYB
CashXChain supports business verification workflows required for compliant payment operations.
KYB purpose
Know Your Business verification helps confirm that a business exists, is authorized to use the platform, and is appropriate for the requested products, corridors, volumes, and risk profile.
KYC purpose
Know Your Customer checks may apply to directors, authorized representatives, beneficial owners, sole proprietors, contractors, or other individuals connected to an account.
Data commonly required
Requirements vary by jurisdiction and partner, but may include:
- Legal name.
- Registration number.
- Registered address.
- Business activity.
- Website.
- Expected transaction volume.
- Ownership structure.
- Beneficial owners.
- Directors or controlling persons.
- Government ID or proof of address for individuals.
- Business registration documents.
- Source of funds or source of wealth information.
Partner role
Regulated partners may collect, verify, review, and retain KYC/KYB data where required. CashXChain structures and routes the information needed for the workflow.
Verification status
| Status | Meaning |
|---|---|
not_started | No verification workflow started. |
pending | Information submitted and under review. |
requires_action | More information or documents are required. |
verified | Account passed required verification. |
rejected | Account did not pass verification. |
restricted | Account has limited access. |
Best practices
- Collect complete data before attempting live payments.
- Keep business descriptions specific and accurate.
- Update ownership or control changes promptly.
- Respond quickly to document requests.