Verify the identity of a business during cardholder acquisition
Verify the identity of a business during cardholder acquisition
In today’s digital world, it is a constant struggle to determine if a person, or business entity, truly is who they say they
are. To manage card program risk and meet regulatory requirements, it is essential to verify the identity of cardholders
during their onboarding. Marqeta manages business cardholder identity verification, AML, and sanctions screening for
you with our KYC API solution.
How Business KYC works
The business cardholder is required to submit information regarding the legal identity of the business itself. With some
exclusions (e.g. businesses regulated by a federal functional regulator, common stock listed on the NYSE), the business
cardholder is also required to submit information on the individual’s associated to the business which identify as the
Proprietor/Officer or Beneficial Owners. This information is sent to Marqeta through API and results are delivered within
seconds.
Information collected from the business includes:
》 Business entity
○ Legal Name
○ Full Address (no PO Boxes)
○ Employer Identification Number (tax ID)
○ Legal entity type (e.g. LLC, Sole Proprietorship)
○ State of organization
○ Date of organization
》 Proprietor/ Officer and Beneficial Owners entities
Proprietor/ Officer: the individual with responsibility for managing the business (e.g. CEO, President).
Beneficial Owner: individuals who own 25 percent or more equity interests in the business.
○ Legal Name
○ Full Address (no PO Boxes)
○ SSN (full 9)
○ DOB
》 Attestation
The person legally bound to truthfulness and accuracy of information provided.
○ Attester Name
○ Attester Timestamp
○ Attestation Acknowledgement
Benefits
Mitigate potential fraud associated with new cardholders
To combat acts like money laundering and theft, the Marqeta KYC API screens prospective business
cardholders for risk, identity fraud, government sanctions, and other watch lists.
Reduce friction during cardholder acquisition
Quickly verifying the identity of a business can accelerate the time it takes for the business to receive their
payment card and leads to a positive customer experience.
Streamline your business operations
The Marqeta KYC API provides a streamlined solution for your business by automating the onboarding KYC
process and reducing operational burden.
How do I access this API?
Speak to your Marqeta representative about setting up this service and getting started in your Marqeta sandbox.
Review our techdocs for more detailed information.
Know-Your-Customer (KYC) API for Businesses
TECH BRIEF
In today’s digital world, it is a constant struggle to determine if a person, or business entity, truly is who they say they
are. To manage card program risk and meet regulatory requirements, it is essential to verify the identity of cardholders
during their onboarding. Marqeta manages business cardholder identity verification, AML, and sanctions screening for
you with our KYC API solution.
How Business KYC works
The business cardholder is required to submit information regarding the legal identity of the business itself. With some
exclusions (e.g. businesses regulated by a federal functional regulator, common stock listed on the NYSE), the business
cardholder is also required to submit information on the individual’s associated to the business which identify as the
Proprietor/Officer or Beneficial Owners. This information is sent to Marqeta through API and results are delivered within
seconds.
Information collected from the business includes:
》 Business entity
○ Legal Name
○ Full Address (no PO Boxes)
○ Employer Identification Number (tax ID)
○ Legal entity type (e.g. LLC, Sole Proprietorship)
○ State of organization
○ Date of organization
》 Proprietor/ Officer and Beneficial Owners entities
Proprietor/ Officer: the individual with responsibility for managing the business (e.g. CEO, President).
Beneficial Owner: individuals who own 25 percent or more equity interests in the business.
○ Legal Name
○ Full Address (no PO Boxes)
○ SSN (full 9)
○ DOB
》 Attestation
The person legally bound to truthfulness and accuracy of information provided.
○ Attester Name
○ Attester Timestamp
○ Attestation Acknowledgement
Benefits
Mitigate potential fraud associated with new cardholders
To combat acts like money laundering and theft, the Marqeta KYC API screens prospective business
cardholders for risk, identity fraud, government sanctions, and other watch lists.
Reduce friction during cardholder acquisition
Quickly verifying the identity of a business can accelerate the time it takes for the business to receive their
payment card and leads to a positive customer experience.
Streamline your business operations
The Marqeta KYC API provides a streamlined solution for your business by automating the onboarding KYC
process and reducing operational burden.
How do I access this API?
Speak to your Marqeta representative about setting up this service and getting started in your Marqeta sandbox.
Review our techdocs for more detailed information.
Know-Your-Customer (KYC) API for Businesses
TECH BRIEF