KYC status

KYC status:

The account needs to be reviewed to determine if the merchant uploaded all the documents that were required. The status’ during the KYC process is: Not started, Started, Ready for review, Under review, Information Missing, Rejected and Approved. 

 

Status type Definition Example
Not started Account has been created in Payyo Merchant account created
Started Account is created, and the merchant has started the KYC process. Some action is performed on the account but not completed yet
Ready for review Account has completed the process of filling forms and uploading all docs Customer has provided all docs
Under review Info is being reviewed Merchant needs to wait 48 hours for an answer
Approved Account review is completed after all the docs and info has been submitted and checked All steps have been completed and no risk was identified from the account
Rejected Account is not accepted Risk identified and non-compliant
Information Missing Account needs to clarify points during review Some information is not correct and the merchant needs to update it.
Amended Account has been approved and merchant modified something that needs to be reviewed again before approval. Merchant modify his bank account.

If the merchant is in “Started status”, KYC status is not completed, we remind them by email to finish KYC in 1 week, 1 month, 2 months and 3 months. We stop reminders once the process is completed or after the last reminder.

Besides that, we send emails to the merchants when: profile got started, approved, rejected, merchant requested review or profile was set to Information Missing status.

 

 

Within 48 hours, the merchant receives a response from Payyo with information on how the KYC process is progressing. It is the merchant’s responsibility to provide the requested documents completely in order to have the account approved faster. 

You can always contact us at: compliance@payyo.ch 

 

Updated on February 17, 2021

Was this article helpful?

Related Articles

Close Bitnami banner
Bitnami