KYB FAQ

Our KYB Process Frequently Asked Questions

• What is Know Your Business (KYB)?

  Know Your Business, also referred to as KYB is a regulatory and legal obligation requiring a company accurately verify the identity of any entity they do business with.

• Why is KYB required?

  MassPay and its bank and licensed partners must understand each of its corporate customers, the people behind the business, what the business does and why there is a need for payout services.

  KYB is a financial institution's requirement in support of their compliance review processes.
  KYB is also required by Anti-Money Laundering legislation (AML).

  KYB ensures the organization does not participate in money laundering, financing terrorism, or other financial crimes. In other words, the company has been verified as authentic, legitimate and safe to do business with.

• What documentation will I be asked to provide?

  Generally, there are 14 categories of documentation required within the KYB process.

  These requirements include:

  • Articles of Incorporation / Organization
  • Shareholder agreement / proof of ownership
  • Ownership Org. chart
  • Owners’ ID (for any individual owning at least 20% of the business)
  • IRS EIN confirmation (USA only)
  • Proof of business address
  • Copy of business license (if applicable)
  • Previous 3 months business bank statements
  • Previous 3 months CC processing statements
  • Recent financial statement
  • AML policy
  • PCI compliance certificate • Privacy policy
  • Terms & Conditions

• What additional information will I be asked to provide?

  Generally, there are 14 categories of additional information required within the KYB process.

  These requirements include:

  • General business info
    • Address, phone, website, registration number, date of formation
  • General ownership info
    • Names, address, DOB, phone, email, social security / national ID #
  • Personal info
    • Name, phone, email, address, DOB for any Directors/Partners/Corp. Officers
  • Description of business
  • Number of employees
  • NAICS code (if applicable)
  • Description of payees
  • Frequency of payouts
  • Avg. payout amount (approximate)
  • Top 5-10 payout destinations (countries)
  • Description of how your business monitors for suspicious / fraudulent activity
  • Description of how business validates the identity of payees
  • Description of how business conducts KYC / Sanction Screening (OFAC) and restricts / prohibits transactions to/ from any prohibited regions or countries
    • (if any of the prev. three are done by an outside vendor, please include the services agreement(s))

• Why am I being asked for so much information?

  What makes MassPay unique, and one of the biggest value-adds for our customers, is the number of global payout partners accessible from the MassPay Payout Orchestration Platform.

  From one integration, MassPay will orchestrate everything, no matter where in the world, or what currency or financial instruments you and your payees need.

  Rather than doing 50 KYBs around the world, with MassPay you do one.

  Our KYB is built to satisfy our own requirements and also those of our bank and global payout partners.

• Are the KYB documentation & information requirements the same for every industry?

  No!

  KYB is not the same for every industry. Each industry has specific requirements.

  We have invested in learning the nuances and intricacies of many industries, worldwide, so you get timely access to the services you and your payees need without having to worry about the details.

  As part of your onboarding process with MassPay we will provide you with industry-specific documentation and information lists so that you can be prepared for the process.

• How long will it take me to complete all of this information?

  If this is the first time you have applied for payout services, KYB documentation and information discovery might take some time.
  If you have previously applied for payout services, the current information packet may already be organized and available within your organization.

  KYB documentation and information discovery typically takes a company 3-5 business days. We see very well prepared organizations provide the required documentation and information in less than 24 hours.

  We also see organizations need a week to complete the process. It's important to note there is no timeframe on providing this documentation.

  It is solely a function of how quickly your organization needs to proceed. We strive to provide all applicants with a formal response within 48 hours.

• How long does the MassPay review process take?

  We strive to provide all customers and partners with a 48-hour Service Level Agreement (SLA) for the outcome of their KYB process.

  When your packet of information is submitted to MassPay, one of our Client Success Managers (CSM) will review the packet for completeness. If further information is required they will reach out to you with additional requests.

  Once MassPay has a complete packet of information it will be submitted to compliance for review.

• What else should I know about KYB?

  If there are material changes in your business, you will be asked to provide updated information in support of your KYB authorization.

  Material changes may include, but will not be limited to:

  • New directors or officers
  • New partners
  • New lines of business
  • Beginning business operations in new regions / countries
  • Changes in how your business monitors for suspicious / fraudulent activity
  • Changes in how your business validates the identity of payees
  • Changes in how your business executes conducts its Know Your Customer (KYC) processes

• If I have more questions about the KYB process, who do I talk to?

  Your MassPay Client Success Manager will be your main point of contact for your KYB process.

  If you do not, yet, have a CSM, you can reach out to us via our Contact Us page.