KYC

Introduction

KYC stands for Know Your Customer, a set of guidelines to verify you are who you say you are. The process includes verifying the identity, suitability and risks involved in establishing and maintaining a business relationship. This is a legal requirement under Swedish and EU regulations for all payment institutions.

At Ping Payments, we use KYC to verify the identity of anyone receiving funds, whether an individual or an organisation. This means that any payout receiver must complete KYC before funds can be disbursed. This process helps maintain security, prevent financial crime, and protect the integrity of the payment ecosystem. We’ve designed the process to be as simple and seamless as possible, enabling payout receivers to complete onboarding quickly and start using our payment services with confidence.

Our Approach

To meet KYC requirements efficiently, the process of collecting necessary information is automated using two main solutions:

• AIS (Account Information Service)
• Oneflow agreement

The choice of method depends on the type of payout receiver and is determined during onboarding. Generally, AIS is used for private individuals, while Oneflow agreements are used for organizations.

AIS

AIS is a secure way to confirm that an individual owns a specific bank account. With the individual’s consent, access is granted to their bank to retrieve the required information directly. This approach streamlines the process without the need for document uploads and is approved using BankID, ensuring both security and efficiency.

This method is mainly used for private individuals and helps streamline the process without the need to upload documents. The person approves access using BankID, and everything is handled securely and quickly.

Oneflow

Oneflow is a digital contract and document management platform that enables the collection of required KYC information as well as signatures using approved digital signature solutions in the Nordics. For organizations, a digital agreement is sent to be completed and signed. This agreement includes all necessary KYC information, which is then reviewed once submitted.

Keeping KYC Current (KYC Renewal)

To comply with legal requirements, KYC information needs to be renewed periodically. How often this is needed depends on the risk profile of the payout receiver, and can also be triggered by ongoing monitoring.

KYC Renewal might involve updating expired documents or confirming a new representative for an organization. This process is automated and managed through Oneflow, making it quick and secure for payout receivers to keep their information current.