3 examples of KYB compliance forms and flows

When it comes to business verification in the fintech industry, there can be many variations and combinations of the flow and the documents and information required depending on the country, the type of financial service, etc.

In this article we’ve collected 3 examples of KYB processes seen from the perspective of forms and flows: Veem, Viva Wallet and Wyre.

Veem

Veem is a global payment solution for business. The sign up and the onboarding and KYB processes are separated, but easy to complete. After the sign up, we appear in our private portal when we are first asked to verify the company’s ownership, as can be seen in the “Information required: Ownership & key person(s)” block on the right. 

Clicking on the “Provide information” link, a message appears informing of the required information regarding the company’s ownership.

And this is the form to add owner or key person:

Finally, the last part of the KYB process: the documents section, where a list of types of documents will be displayed.

Viva Wallet

Viva Wallet turns a mobile phone into a card terminal. In this case, the sign up, onboarding and Know Your Business (KYB) process happens one after the other in the same flow and they have a really complete and extensive KYB form, including phone verification, tax information, branches, parent and subsidiary companies, sources of funds, etc.

We’ve picked only some of the steps, as the flow is long and divided into many small parts and we want to show the most interesting ones. They are self explanatory:

Wyre

Wyre offers several crypto services via API. Their verification process is divided into 6 steps. The party details step collects basic information of the company, the Electronic Signature is just a confirmation to check that all the information provided is true, and the phone and email verification are the same in all the sites, so let’s have a look at the other two steps:

In the “Documents” section we have to upload a proof of ownership, for example the Articles of Incorporation, as well as the passport or driver’s license of each shareholder holding 25% or more of the company:

When we go to “Bank Location”, at first we’ll see a country selector, but we click on “Continue”, a new step will appear to connect our bank account to Wyre (through Plaid):

As you can see, all the information required on these websites is very similar, but each one implements the verification process differently. What do you think is the best way to build a KYB process, in separated steps or all within the same flow?