KYB and onboarding
KYB screening is only required if your customer will be onboarded as Merchant-Of-Record for payments acceptance via the Airwallex payment gateway.
After applying for general onboarding and submitting KYC information, you can proceed to submit Know Your Business (KYB) information. Note that KYB checks are only required if your customer will be onboarded as Merchant-Of-Record, which depends on your payments gateway model of choice.
KYB checks verify the identity of your customer's business and assess any potential risks. While this process is similar to Know Your Customer (KYC) regulations, KYB focuses on understanding the underlying business and its entities beyond the corporate legal structure and its associated business owners.
KYB is a legal requirement for many payment services designed to prevent businesses from becoming involved in money laundering, fraud, and other financial crimes. It serves as a protective measure ensuring businesses operate in a lawful and ethical manner thereby maintaining the trust of clients and partners.
Airwallex offers multiple options to submit KYB information:
- Embedded KYB component: You can onboard customers through a UI component embedded directly into your site
- Hosted flow: You can redirect customers into a flow hosted by Airwallex
- Native API: You have full control of the onboarding UI, built on top of Airwallex APIs