Customer Onboarding – KYC & KYB

SpherePay requires customers to complete onboarding processes to ensure compliance with regulatory requirements and maintain secure operations. Below you'll find essential details on our Know Your Customer (KYC) and Know Your Business (KYB) processes.

Know Your Customer (KYC)

SpherePay's KYC process ensures we verify your identity accurately and securely. To complete the KYC process, customers need to provide:

• Identity Verification: Valid government-issued identification (passport, ID card, or driver's license).
• Contact Verification: Email and phone number verification.
• Questionnaire: A list of questions to confirm your identity details and compliance purposes.
• Liveness Verification: A video verification to ensure the registered identity is a real person.

Once all documents are submitted and verified, the process typically completes within a few minutes.

Know Your Business (KYB)

For businesses integrating with SpherePay, additional documentation is required. The KYB process verifies the identity of your business and its Ultimate Beneficial Owners (UBOs).

Essential Information Required:

• Company Name
• Registration Number
• Country of Registration
• Entity Type (e.g., LLC, corporation, partnership)
• Legal Address

Documents Required:

• Certificate of Incorporation/Registration
• Shareholder Registry
• Director Registry
• Proof of Address

How to Initiate KYC/KYB

You can initiate your KYC/KYB processes either through the SpherePay dashboard or via our API:

• Dashboard: Navigate to the Transfer tab of your SpherePay dashboard. There will be a pop-up to initiate the KYC/KYB process.
• API: As you onboard a customer of your own, you can initiate the KYC/KYB process via API. Initiate KYC/KYB via API

Important Notes

• Verification Timeline:

  • With all necessary documents ready, KYC/KYB can be completed in a matter of minutes. We recommend initiating this process early to avoid delays.

• Common Issues:

  • Ensure the names provided during registration exactly match your official documents to prevent delays or rejections.

• Security & Compliance:

  • SpherePay partners with Sumsub, a leading compliance and security provider, to ensure rigorous and secure verification processes.

Status Updates & Notifications

SpherePay keeps you informed about your onboarding status through:

• Email notifications
• Dashboard updates
• Webhook events (if integrated)