Know Your Customer (KYC)

Definition

KYC stands for Know Your Customer. Shortly described, it is a verification process that’s mandatory before a merchant can accept online payments. KYC includes different standards to protect financial institutions against fraud, corruption, money laundering and terrorist financing.

The KYC involves several steps to fulfil the following goals:

• Establishing customer identity.

• Understanding the nature of customers’ activities and qualifying that the source of funds is legitimate.

• Assessing money laundering risks associated with customers.

These specifications are made by the financial partners of Payrexx.

Impact on Platform Partners and the Merchants

You have absolutely nothing to do. In the Payrexx Platform Solution, we manage the KYC process for you (within Payrexx Direct). That means, we collect the information and check it. If other or further information is required, we will contact the merchant.

Your merchant can be a company or a private person. Depending on the form of the company, different information is collected. Here you can see which KYC information is requested from the merchant: Information for Payrexx Direct.