Identity Verification (IDV) Service

What is Identify Verification (IDV)?

RocketKOR’s Identity Verification (IDV) service allows you to authenticate your Customers using KYC (Know Your Customer) and KYB (Know Your Business) standards. KYC and KYB checks are required by Anti-Money Laundering (AML) regulations to assess Customer risk and prevent fraud.

RocketKOR IDV can be used to verify Individual and Business Customer Accounts. Any Beneficial Owners attached to a Business Customer Account will also be verified as part of the IDV process. Currently only U.S. Customer Accounts can be verified using IDV.

Typical use cases for IDV include:

Onboarding a new Customer
Issuing a credit or debit card to a Customer
Opening a bank account for a Customer
Creating an internal Financial Account for a Customer
Maintaining an ongoing risk profile for a Customer

What are IDV Profiles?

IDV can be used to evaluate Customers for a variety of use cases, such as creating a Customer Account, opening a bank account for a Customer, or issuing a card to a Customer.

Each IDV use case may have different requirements. For example, KYC checks are required for Individual Customers and KYB checks are required for Business Customers. Basic KYC/KYB checks are required to create a Customer Account, while more extensive checks are required to open a bank account or issue a card for a Customer.

RocketKOR uses IDV profiles to define the IDV rules and checks for a specific IDV use case. Each profile specifies the Customer Account fields, Customer identity documents, IDV rules, and KYC/KYB validations required for the use case.

IDV profiles allow you to quickly select the appropriate requirements when verifying a Customer Account, depending on the use case. For example, different IDV profiles may be used to:

Perform standard KYC when onboarding a new Individual Customer
Perform standard KYB when onboarding a new Business Customer and perform standard KYC for any Beneficial Owners belonging to the Business Customer
Perform enhanced KYC/KYB before opening an account or issuing a card for a Customer

Use the RocketKOR APIs or Portal to view the IDV profiles available for your Business Account.

How does the IDV Service Work?

Use the RocketKOR APIs or Portal to create and submit an IDV application for a Customer Account. RocketKOR sends the application to a trusted third-party IDV provider for processing and monitors the application status.

The following diagram shows the steps to verify an Individual or Business Customer using the IDV service.

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Identity Verification (IDV) Service Workflow

1. Capture Identifying Information

Ensure the Customer Account contains the required identifying information for the Customer. The required information is listed in the IDV profile that will be used to verify the Customer.

Some or all of the following information may be required.

Individual Customers	Business Customers
Date of Birth Place of Birth Physical Address (must be a U.S. address) Mailing Address (must be a U.S. address) Sex Social ID Number (SSN) Social ID Country Citizenship Country	Business Tax ID (EIN) Business Tax ID Country Legal Name of the Business Physical Address (must be a U.S. address) Mailing Address (must be a U.S. address) Primary Phone Number Company Website Date of Formation Type of Business

The following information is required for any Beneficial Owners linked to a Business Customer Account.

Beneficial Owners
First Name Last Name Date of Birth Physical Address Social ID Number (SSN) Primary Email Address Primary Phone Number

2. Capture Identity Documents

Add any identity documents required to support the Customer’s identifying information. The required documents are listed in the IDV profile that will be used to verify the Customer.

For example, opening an account for an Individual Customer may require a driver’s license and passport, while opening an account for a Business Customer may require a business license.

3. Submit an IDV Application

Create an IDV application for the Customer. The application includes the Customer Account ID and the IDV profile that will be used to verify the Customer.

RocketKOR submits the application to a trusted third-party IDV provider, who will perform the requested KYC/KYB checks for the Customer and any related Beneficial Owners.

Note Multiple IDV applications can be submitted for a Customer Account. However, only one IDV application per IDV profile may be processed at a time for a Customer Account.

4. Monitor the IDV Application Status

RocketKOR monitors the IDV application and tracks the application status. You can use the RocketKOR APIs or Portal to view:

Details for a specific IDV application. This includes the application status, outcome, IDV profile, and the Customer or Beneficial Owner information used for the application.
All IDV applications submitted within a Business Account. You can filter the results by criteria such as the application status, outcome, IDV profile, Customer Account ID, and Customer Account type.