Creating wallet: response field verification_status

Hello,

Response of successfully creating person wallet in sandbox contain verification_status as not verified. I don’t understand purpose of the field and documentation doesn’t clarify clearly. We want to create wallet on fly when customer wants to use balance. Does wallet need to be KYCd before any activity? If yes how can I create wallet with verification_status KYCd.

|verification_status|string|Result of the verification check. One of the following:

  • not verified - The contact has not been submitted for the Know Your Customer checks.
  • KYCd - The user has passed the Know Your Customer checks.
Response only.

Thanks,
Devang

Thanks @dmodi, this is related to the verification process of the Wallet Contact.

The Identify Verification page can take you through steps to verify a contact and the Hosted IDV Page can verify a contact with the a secure page generated by Rapyd.

I will take the opportunity to help organize and clarify the documentation further and follow-up when it’s complete. That being said Verification is mentioned as a requirement in a few areas.

Creating a Rapyd Wallet - verification is the last step before a transaction in the diagram. I can clarify this further, and I can also on the overview page in the meantime.

Screen Shot 2022-03-02 at 3.55.52 PM

Wallet Contact - mentioned in the intro section. Again I can highlight this as well.

Screen Shot 2022-03-02 at 2.47.58 PM

Rapyd Wallet Overview - Identity Verification Object is mentioned under features where you can learn more about the fields and descriptions.

Let me know if this helps, and thanks again for posted. Appreciate it!

Thanks for clarification Kyle.

1 Like

@Kyle
Let me explain little more detail about our use case.
We already use different payment processor to charge our customer. We want to give incentive our customer based on their loyalty and some other criteria. We already manage our customer. We just want to create wallets for customers when they get selected for incentive and link to our internal customer (not to Rapyd customer). In fact we prefer not even create Rapyd customer for simplification purpose. Once we move money from business (our company) wallet account to personal wallet account which link to our customer, customer can use money in wallet for purchase or transfer to other user wallet as gift.

So if personal wallet is in “not verified” status can receive money from other wallet. Is there way to create personal wallet as verified since we don’t want it get verified.

I am new to Rapyd and so far I have only 1-2 days of going through document. Please be patient if I am totally wrong. Does above scenario make sense? If not do you have any suggestion?

thanks.

Thanks @dmodi, so my understanding is that you are already doing business with these customers. There may already be a level of “verification” that they have with you, therefore you do not want to re-verify with Rapyd if they can receive money. Your question is, is there a way to Create a Wallet with your pre-existing verification so that Wallet contacts do not need to be verified using the Rapyd API?

Hi @Kyle
Yes. We verified customer out of Rapyd. We don’t want Rapyd to verified personal wallet.
I like to create wallet as verified.

Thanks for the clarification @dmodi. Have your customers submitted a verification process already where their personal info is stored? (license/personal ID, bill statement & address, photo, etc.).

I will follow up with our product team if you could provide this information to be able “create wallet as verified” before your customers need to provide anything more.

@Kyle We have customer address and payment source (cc or Paypal). We don’t have other information you mentioned above.

Thanks @dmodi, verification is of Rapyd Wallets are required because of Know Your Customer (KYC) compliance and regulations. How you do that may vary due to the information you have to provide on behalf of your customers. What you provide for verification will remain the same.

The identity verification process requires the following contact information:

  1. First Name, Last Name
  2. Date of Birth
  3. Address, Including Country
  4. Official Identification Document
  5. Nationality
  6. Selfie picture

Here is our doc on Verification and a couple other resources I found on KYC.