Onboarding process

  • Updated

In this section of the user guide, we will walk you through all aspects of onboarding to io.flow. As a underlying client there are 5 keys activities to take into consideration.

 

2.1 Onboarding to io.flow

The first step is to gather key documentation to onboard with Io.finnet, we perform this by carrying out basic Know Your Customer (KYC) checks . The following KYC information is required but not limited to. 

  • Incorporated business name 
  • Licence or certification of registration number
  • Money Service business registration number 
  • Fillout an intake form for Intended payment rails, currency and volumes
  • Sign the Io.finnet membership agreement

2.2 Onboarding to EMI Documentation Requirements

Once you are onboard to io.flow, you need to complete the EMI agreement and application form. This is required to be reviewed, signed, and returned independently from Io. The following KYC information needs to be supplied, but not limited to. 

Document Details
  • Articles of incorporation or equivalent extract
  • Business registration document
  • EIN tax letter (US company only)
  • Proof of address for registered and trading address (if different)
  • Proof of contract signatory’s authority to signed on company letterhead (sample available)
  • Proof of ID for the authorized representatives
  • Proof of address for the authorized representatives
  • Ownership structure chart signed by a licensed solicitor or accountant
  • Financial services licence
  • Copy of identification for all shareholders including ultimate beneficial owners with 25% (10% if PEP) or more ownership
  • If no individual owns more than 25% need to know the controlling individuals and require: name. DOB, residential address and Nationality
  • Proof of identification and proof of address for two directors
  • Most recent financial statement
  • CDD form (attached)
License Details:
  • Financial services licence
  • AML policy/procedure
  • AML audit report
  • Copy of the most recent bank statements for corporate and/or client bank account
  • Internal organisational chart-structure of Compliance/FinCrime teams
  • CV of Compliance Officer/MLRO
  • Funds Flow Chart
  • Copy of Business/Enterprise wide Risk Assessment

 

2.3 EMI Compliance Checks

The EMI will then review and verify  your application's documents. This will allow the EMI to set up your currency omnibus accounts. 

Please Note -This part of the process can take up to 12 weeks to complete. We will keep you informed throughout the review process and continue to onboard you to other areas of the business, such as customer support processes and agreed support levels.

 

2.4 Account Opening

Your account details will be provided to you once the accounts are operational . The credentials should be used to deposit funds into your account.

 

2.5 API Integration

Once your account has been opened with the EMI we will schedule your integration kickoff call with io. delivery team. Information shared during kickoff call:

  1. API - Technical documentation and user guide
  2. Touchpoints - Setup regular touchpoints to support your integration throughout its journey
  3. Communication - Support communication channel for pre and post integration 
  4. Wire instructions - Pay-in and pay-out 

Please inform us of any additional currencies you would like to integrate so that we can provide guidance on how and have support resources available.

Please Note - Additional EMI’s will be available soon along with additional currencies being supported.

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