Only for JPY - VIRTUAL ACCOUNTKYC is currently required only for JPY - VIRTUAL ACCOUNT transactions.
Overview
KYC refers to the customer verification process required before customers can perform certain transactions. Customers must have an Approved KYC status before a Pay In or Pay Out that requires KYC can be created successfully.
Each customer only needs to complete KYC once. Once approved, the same KYC verification can be used for both Pay Ins and Pay Outs. A separate KYC process is not required for each transaction.
Process Flow
Understanding the lifecycle of KYC helps you track your customer's verification status and determine when they can proceed with transactions that require KYC. The diagram illustrates the KYC status transitions, from submission to approval or rejection.
| Status | Description |
|---|---|
| Pending | The customer's KYC information has been submitted and verification is in progress. |
| Approved | The customer's KYC verification is successful, and the submitted customerReference can be used for future transactions. |
| Rejected | The customer's KYC verification is not approved. Reach out to us to check the rejection reason and resubmit the customer’s KYC if applicable. |
KYC and Transaction Creation
KYC verification and transaction creation are separate processes. A customer must have an Approved KYC status before a transaction on KYC required currency can be created.
Customers may continue transacting in other currencies that do not require KYC approval.
When you submit a Pay In or Pay Out that requires KYC, Xenith checks the customer's current KYC status using the submitted customerReferencebefore creating the transaction.
If the KYC for a customer has not been submitted, is still Pending, or has been Rejected, the transaction request of that customer will not be created. Instead, the Create Pay In API or Create Pay Out API returns the related error to help you identify the KYC status and the action required:
- KYC Required - No KYC record exists for the customer. Please Submit KYC for the customer.
- KYC Pending - KYC has been submitted but is not yet Approved. Please wait for the KYC verification result before retrying the transaction.
- KYC Rejected - The customer's KYC was rejected. You can reach out to us to check the rejection reason and resubmit the customer’s KYC if applicable.
For the full list of errors, please refer to Errors page.