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[PYMNT]

KYC (Know Your Customer)

KYC in PYMNT is the process of verifying the identity of merchants, their representatives, and in some cases beneficial owners, before they are allowed to process payments or receive payouts.

It is a required part of onboarding and ongoing compliance within the platform.

What is KYC?

KYC stands for Know Your Customer and refers to the verification process used to confirm that a business and its associated individuals are legitimate.

In PYMNT, KYC is used to:

  • Verify merchant identity
  • Validate business legitimacy
  • Confirm responsible representatives
  • Support regulatory compliance requirements

When KYC is required

KYC is performed during:

  • Merchant onboarding
  • Payout enablement
  • Changes to business or ownership details
  • Periodic compliance reviews

A merchant cannot become fully active without successful KYC completion.

What is verified?

Depending on the merchant type and risk profile, KYC may include:

Business verification

  • Legal business name and registration
  • Chamber of Commerce or equivalent registration number
  • Registered business address
  • Company structure and ownership details

Identity verification

  • Full name of representatives
  • Date of birth
  • Nationality and address
  • Valid identification documents

Beneficial ownership (UBO)

  • Identification of ultimate beneficial owners
  • Ownership percentage and control structure
  • Verification of controlling individuals

Verification methods

KYC checks may be performed using:

  • Automated identity verification systems
  • Document validation (ID, business registry extracts)
  • Manual review by compliance teams
  • Partner or PSP-based verification flows

The exact method depends on the merchant’s risk profile and jurisdiction.

KYC and onboarding

KYC is tightly integrated with the onboarding process.

A merchant typically cannot:

  • Accept payments
  • Access full PYMNT features
  • Receive payouts

until KYC has been successfully completed and approved.

Ongoing compliance

KYC is not a one-time process.

PYMNT may require:

  • Periodic re-verification of merchant data
  • Updates when business details change
  • Additional checks based on transaction behavior
  • Enhanced due diligence for higher-risk activity

Security and data handling

All KYC data is handled securely within the regulated PYMNT infrastructure.

This includes:

  • Secure storage of sensitive documents
  • Controlled access via roles and permissions
  • Compliance with applicable data protection regulations
  • Processing through accredited PSP and compliance partners

Why KYC matters

KYC ensures that the PYMNT ecosystem remains:

  • Compliant — meets financial regulatory requirements
  • Secure — reduces fraud and misuse
  • Trustworthy — protects merchants and end customers
  • Scalable — enables safe growth across regions and industries