Rapyd conducts an initial onboarding due diligence for merchants (known as Know Your Business “KYB”) in order to comply with anti-terrorism and financial services laws and regulations. Merchants must provide information about their business, activities, and shareholders.
This process includes thorough checks that all information provided is correct and up-to-date.
In addition, Rapyd may run further checks on the merchant’s identity, creditworthiness and background by contracting and consulting relevant registries and government authorities.
Rapyd or its Network Partners will only activate the Services for Merchant (‘go live’) if the applicable KYB requirements are fulfilled. In the event that the applicable requirements are not fulfilled prior to activating the Services (‘go live’) then, the Services shall immediately terminate upon written notice by Rapyd to Merchant stating such cause for termination.
You can learn more about Merchant Onboarding and KYB Obligations, in section 6 of Rapyd Network Rules.