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Onboarding

Onboarding refers to the process your customers need follow to sign up for the financial services you plan to offer. Onboarding is a critical step, helping ensure compliance with regulatory standards and facilitating smooth operations as you bring your customer onto your platform. Onboarding includes:

  • Regulatory Compliance: Adherence to Know Your Customer (KYC) and Know Your Business (KYB) requirements across different regions.
  • Risk Mitigation: Identification and prevention of high-risk accounts.
  • Operational Readiness: Quick setup for customers to start transacting.

Whether you're onboarding individual or corporate customers, using Nium you can automate and customize these onboarding processes to fit your business needs.

Customer types​

There are two primary customer types when onboarding with Nium:

  • Corporate customers: Businesses or organizations, including small-to-medium market enterprises that can require more complex verification.
  • Individual customers: End-users, such as employees or retail customers, who hold balances and transact through your platform.

By understanding the onboarding requirements and workflows for the different customer types, you can efficiently set up customers and ensure compliance with regional regulations.

If you need help setting up your onboarding workflows, contact your Nium account manager for guidance or Nium support.

Corporate customers​

Corporate customers represent businesses or organizations that interact with your platform. Onboarding includes:

  1. KYB Verification: Validating the organization's legal and financial standing.
  2. Stakeholder and Applicant Checks: Verifying key individuals involved with the organization.
  3. Account Setup: Assigning wallets and enabling operations.

For more information, see Corporate Customers.

Individual customers​

Individual customers are end-users who interact with your platform. Depending on the use case, they could be employees using expense cards or retail customers managing personal accounts. The onboarding process involves:

  1. KYC Verification: Using automated or manual methods to validate identity.
  2. Compliance Checks: Ensuring the individual meets regulatory and risk standards.
  3. Account Setup: Creating an account and enabling transactions.

For more information, see Individual Customers.