Overview
This represents the present state of an identifiable, KYC'able entity; either an individual or a business based in a specific country for transacting with Wyre.
It contains a collection of profile Fields, each holding a single datapoint and field verification status. Fields may be approved or rejected individually.
This collection of fields contribute to the overall account verification status. Once all fields have been approved, the account will transition to approved and become eligible for transacting.
Beyond KYC, each account may maintain a ledger balance with Wyre. Deposit addresses are provided for depositing into these ledger balances.
Account Status
Accounts can have one of 4 statuses:
| Status | Description |
|---|---|
OPEN | Waiting on action from you or the Account holder. This is the initial state before all information has been submitted, or after any has failed to pass verifications. |
PENDING | Information has been fully submitted and is waiting on review from Wyre. The Account cannot yet transact. |
APPROVED | Information has been reviewed and accepted by Wyre. The Account is now approved to transact. |
CLOSED | The Account has been closed and may not transact |
Account Locks
For fraud or security reasons, accounts may be locked. This results in AccountLockedExceptions being thrown for some or all types of transfers.
Account Types
Accounts can be of two different Types:
Note
Currently only
INDIVIDUALaccounts are supported through our API.
| Type | Description |
|---|---|
INDIVIDUAL | Used to register a personal account. |
BUSINESS | Used to register a business entity account. |
Account Fields
Profile Fields are objects that each represent one KYC data point we collect on the Account, along with its present verification status. A Field has the following properties:
| Field Parameter | Description |
|---|---|
fieldId | The specific datapoint encapsulated by the Field. See field IDs. |
fieldType | Defines the format and/or structure of the value parameter. See types |
value | A representation of the underlying KYC data. Actual format depends on fieldType |
note | A message to the accountholder regarding the field |
status | The current verification status of the field. See statuses |
When the Account is created the profileFields array is automatically populated with all of the Fields that must be submitted in order for the Account to be approved and be able to transact.
{
"fieldId" : "individualResidenceAddress",
"fieldType" : "ADDRESS",
"value" : {
"street1": "1 Market St",
"street2": "Suite 402",
"city": "San Francisco",
"state": "CA",
"postalCode": "94105",
"country": "US"
},
"note" : null,
"status" : "PENDING"
}
Field Statuses
| Status | Description |
|---|---|
OPEN | Waiting on action from you or the Account holder. This is the initial state before any information has been submitted, or after it has failed to pass verifications. |
PENDING | Information has been fully submitted and is waiting on review from Wyre. |
APPROVED | Information has been reviewed and accepted by Wyre. |
Field IDs
| fieldId Value | Field Type | Description |
|---|---|---|
individualLegalName | STRING | The full legal name of the account holder Reference this endpoint here: Create Account |
individualCellphoneNumber | CELLPHONE | the cellphone number of the account holder Reference this endpoint here: Create Account |
individualEmail | the email address of the account holder Reference this endpoint here: Create Account | |
individualResidenceAddress | ADDRESS | the residence address of the account holder Reference this endpoint here: Create Account |
individualGovernmentId | DOCUMENT | a scan or photo of a drivers license or passport of the account holder. Reference this endpoint here: Upload Document |
individualDateOfBirth | DATE | the account holder's date of birth Reference this endpoint here: Create Account |
individualSsn | STRING | the account holder's social security number Reference this endpoint here: Create Account |
individualSourceOfFunds | PAYMENT_METHOD | a payment method that the account holder owns. Reference this endpoint here: Payment Method Overview To add a payment method, reference this endpoint: Create Payment Method |
individualProofOfAddress | DOCUMENT | a utility bill or bank statement. individualProofOfAddress will start in the PENDING state as we will attempt to use the individualSourceOfFunds to fill this requirement. If we aren’t able to verify the address from the user’s bank account we will mark the individualProofOfAddress field as OPEN. When this field is OPEN, the user should be displayed the note on the field and prompted to upload a documentReference this endpoint here: Upload Document |
Note
Currently only
INDIVIDUALaccounts are supported through our API.
Field Types
| fieldType value | Description |
|---|---|
STRING | |
CELLPHONE | A full cellphone number including country code e.g. +15554445555 |
EMAIL | A correctly formatted email address |
ADDRESS | An address object. Address format is:json { "street1": "1 Market St", "street2": "Suite 402", "city": "San Francisco", "state": "CA", "postalCode": "94105", "country": "US" } |
DATE | Specifies a particular day. Format is YYYY-MM-DD,e.g. 1992-12-15 |
DOCUMENT | A binary document. Documents should be uploaded via the Upload Document API. The value returned by the API will be an array of document IDs associated with that Field. All document IDs uploaded will be retained by the field until review. During review, invalid/unacceptable document IDs will be deleted. Once the field status is APPROVED, then only the actually approved document IDs shall remain. |
PAYMENT_METHOD | A Payment Method record. Payment methods are created using our Payment Method APIs. The value returned by the API will be a string containing the Payment Method ID associated with that Field |
Updating Fields
When creating or updating an Account you do not need to submit the full Field object. Instead you can submit a simplified FieldUpdate object which only includes the fieldId and the value.
{
"fieldId": "individualLegalName",
"value": "Johnny Quest"
}
// OR
{
"fieldId": "individualEmail",
"value": "[email protected]"
}
Cases To Expect Auto-Kyc Errors
NOTE: For all cases the system will auto-reject the record that could not be verified.
Personal Detail Records - Possible Rejection Reason
SSN Could not be verified by the system
Landlines
OFAC Check
Residential Address could not be verified (Cognito) - PO BOX are not accepted
Personal Identification - Possible Rejection Reason
DOB Mismatches with DOB on personal details records.
Data Validation
Identification Expired
Image Quality
Bank Statement - Possible Rejection Reason
Name on Bank Account Mismatch
Electronic Signature - Possible Rejection Reason
OFAC Check
Additional Note: We do fuzzy matching when cross-referencing the data. The most important things are that the name on the id matches the name on (Wyre) account & matches the SSN. Basically ID + name on Wyre account + name on bank account + SSN with the same name if those data points don’t line up it doesn’t necessarily mean we’re going to reject it, but we will do additional manual review.
FAQ: Can manual review still pass if the entered data doesn’t match the data in the document, or does the user have to correct all fields?
Answer:Manual review can always override auto-rejections.