The user of the Banking as a Service APIs is called a Platform, which will onboard their Clients. These clients will be called BaaS Clients.
BaaS Clients could be onboarded using restricted account flow.
The restricted account is a fully functioning ConnectPay Client’s account, but the end user—BaaS Client (the holder of the account)—does not have direct access to control the account(s) via ConnectPay channels (such as Online Banking or ConnectPay Mobile App). BaaS Client will be able to control the restricted account only via the Platform’s provided channel(s). The platform will control and secure the login credentials of the end user.
To open a restricted BaaS Client account, this is what ConnectPay requires from the Platform:
- to provide client identity verification (IDV)
- to upload the necessary supporting documentation
- to provide Know Your Customer (KYC) information
Tips! To test Onboarding flows in the Stage environment, we recommend using the test documents available here.