Merchant Onboarding API enables merchants to onboard swiftly, reducing administrative overhead and accelerating the time to market. It seamlessly integrates with existing systems, allowing businesses to leverage Instantpay's cutting-edge features without disruptions to their operations. The API facilitates secure and compliant onboarding processes, incorporating identity verification and documentation checks.
Due Diligence & Enhanced Due Diligence Process
Due Diligence & Enhanced Due Diligence Process for Services as AePS, Payout etc…
Customer Due Diligence (CDD) represents a straighƞorward procedure designed to adhere to KYC
documentation. It can be executed remotely and digitally, incorporating specific checks and balances
to validate the customer's identity.Enhanced Due Diligence (EDD) stands as a KYC process that involves a more thorough examination of
potential customers or business partners. This heightened scrutiny is based on insights provided by
the risk team.EDD surpasses the scope of CDD, aiming to establish a more robust level of identity assurance by
acquiring additional information from the customer. This process involves the following steps:
Physically verify the business location and meet the business owner/ merchant, ensuring alignment
with the authorized person as per KYC.
- Obtain self-attested copies of Aadhaar and PAN cards.
- Capture a photo of the user along with their shop.
- Capture a selfie with the field team for verification purposes.
- Seek consent from the field team regarding the genuineness of the user for unblocking.
- Additionally, avoid processing for customers falling under the categories of:
a. Politically Exposed Persons (PEPs)
b. Individuals with dubious reputations
c. Customers associated with industries classified as high-risk
It is recommended to physically verify the store through the field team and request the submission
of the specified documents as part of the Enhanced Due Diligence process.