Life Cycle
What happens to your account holder once you submit it to Devengo? Learn it here.
Providing just some basic info about the new account holder, you will kickstart the KYB process that our compliance team must conduct to provide the payment services.
This process will require that all the mandatory legal documentation is provided and may involve multiple information requests. Devengo will help you and guide you during the whole process. If everything is ok from a regulatory point of view, the process will end with the activation of the new account holder (you will receive the corresponding webhooks at each stage of the process).
With the new account holder activated, you will be able to create new accounts linked to it. The new account holder will, therefore, be the sole legal owner of these accounts and all the funds on them.
States of an Account Holder
Created
The initial state of any account holder is created. Before its creation Devengo checks that the provided information is syntactically valid (well-formatted email) so your account holder has passed that first filter. However, the account holder's validation has yet to start. Consequently, our customers will not be able to create and attach accounts to this holder while in this status.
With this event, you will receive the account holder's ID.
Webhook sent: account_holder.created.
Collecting
Collecting is the status assigned to an account holder when Devengo sends the KYB (Know Your Business) form to the email provided. Through this form, Devengo gathers all necessary information to comply with Spanish and European regulations for the prevention of money laundering and terrorist financing, as well as other key details required for account setup and proper service delivery. Once the account holder has submitted all the required information, the account holder’s status will change to Validating, during which the provided information will be reviewed.
By providing the most accurate and up-to-date information, your organization ensures compliance with all regulatory obligations, while also protecting the interests of your business and customers.
Webhook sent: account_holder.collecting.
Validating
Validating is the state in which Devengo performs several checks to the client for KYB purposes. It’s a process through which client information is checked to understand their activities and the source of their funds to assess their risk of fraud or financial crime.
Devengo will contact the client through the given email to start the process and ask for information. Depending on the complexity of your company, this process can take weeks or months.
Webhook sent: account_holder.validating.
Active
Once Devengo has completed the validation process and approved all the customer information, the account holder will be active. At this time it is fully operational and accounts associated with this holder can be created.
Webhook sent: account_holder.activated.
Deactivated
Very sporadically, we may have to deactivate the account holder because of AML checks or other suspicious activity. Consequently, while in this status, our customers will not be able to create and attach accounts to this holder. To reactivate the account holder, Devengo will contact you to review all the information about the account holder's activity.
Webhook sent: account_holder.deactivated.
Archived
When the client decides to archive an account holder, they must verify that all their accounts are closed and without balance. This is a final status so this account holder will not be able to activate again in the future.
Webhook sent: account_holder.archived.
Updated about 1 month ago