KYC/KYB Levels

The /request_kyc API has an kyc_level parameter that can be used to request a specific verification flow. To utilize them, you must have the kyc level approved for your app. Attempting to use them without approval will result in a 403 forbidden error. Please contact your onboarding specialist if you are interested in learning more about these and the approval process.

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KYC

These values for kyc_level apply to individual entities:

  • DOC_KYC - this level contains full KYC and allows documents to be used to verify information that could not be verified automatically.

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KYC-LITE, NONE & RECEIVE-ONLY - Discontinued 12/22/2022

To stay compliant with a changing and more restrictive regulatory environment, Sila is ending its KYC exception programs (KYC Lite/Essential KYC, KYC None/Independent KYC, Receive Only) by December 31, 2022.

Going forward, full CIP (customer identification program) provided through Sila (using Alloy) is the only acceptable method to qualify your end users for use on our platform. This applies to all current and future end users.

Some or all of your end customers may have been qualified through KYC Lite, and/or a third-party KYC vendor on your end. Both instances need to be addressed right away in order for both parties to be in compliance with our bank partners and U.S regulatory requirements. Your company, Sila, and everyone else in the payment space is subject to tighter regulatory requirements as they are being communicated. Unfortunately, there is no or little grace period.

Any end user account without full CIP will be frozen by EOD Wednesday, December 21, 2022.
Sila will work with you to create a phased mediation plan to get everyone in compliance in the coming weeks

ERROR MESSAGE:
Per updated KYC Requirements - this request is not authorized. Please contact your Sales Rep for more information.

KYB

Unlike with KYC, with KYB the KYC_LEVEL does not need to be specified explicitly by your API request. Instead, KYB levels are applied to the business entity based on the business type.

  • KYB-STANDARD - Depending on the business type, various individuals holding key roles within the business (i.e., Controlling Officer, Beneficial Owner) are required to pass individual KYC. This must be certified by an Administrator of the business. See details here - https://docs.silamoney.com/docs/kyb-know-your-business

INSTANT ACH

  • INSTANT-ACHV2-1 (if approved to use) this level contains full KYC and allows you to use Instant ACH.
    • Instant ACH is only available to customers in an applicable payment tier and for those who are pre-approved to participate in the closed beta program. Reach out to your account executive to learn more.

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Instant ACH - Closed BETA

Keep an eye out for for the release in the coming months!

IMPORTANT
INSTANT-ACH This KYC level will be deprecated, ensure you integrate INSTANT-ACHV2-1

  • INSTANT-ACHV2 - this level contains full KYC, SMS opt-in, device registration, and additional behavior analysis (anti-fraud integration).
  • INSTANT-ACHV2-1 - this level contains full KYC, SMS opt-in, device registration, and additional behavior analysis (anti-fraud integration).

Instant ACH documentation for INSTANT-ACHV2-1 will be provided upon use case approval and signed MSA.

Updated 5 months ago