To ensure the safety and security of its users, Zomentum Payments has implemented a registration process called the Know Your Customer (KYC) process.
This is in compliance with industry regulations and is necessary to verify the identity of users on the platform.
Before processing payments, Zomentum must conduct these KYC checks on its users.
Before you start the KYC process, please check:
The KYC process typically involves the following steps:
TABLE OF CONTENTS
- Company Details
- Decision Makers
- Personal details
- Payout Details
- PSI DSS Questionnaire
- Dealing with verification errors
Company Details
Name and Country
First, select the country where your country is based and add your company's legal registered name.
In the next step configure the following:
Company Structure
Organization Type
Choose the type of your organization. An organization is classified into one of the following types:
Private company: The organization is in the private sector and is owned and run by directors.
Listed public company: The organization is listed publicly and run by directors.
Nonprofit or charitable organization: The organization has an official status as not-for-profit or tax-exempt, sometimes called a non-governmental organization (NGO).
Incorporated association: The organization is a registered entity without profit that is organized around a purpose such as recreation, culture, or charity.
Incorporated partnership: The organization is formed through an agreement between two or more members.
Governmental organization: The organization is owned by the government or state.
Registration details
You can update the trading number, VAT number, and Company number of your business.
For the United States, you will ask to add the TAX number. In some states, companies don’t have a Tax identification number. In case you don’t have this, you can use the EIN (Employer Identification Number) instead.
Registered Address
Update the registered address for your company. You can also mention any additional addresses if you are headquartered at a separate location.
Decision Makers
Update the decision-making entity for your business. You can add the role of the decision maker and their personal details in this section.
It is important that we have an Owner, Controlling person and signatory added as decision maker.
Personal details
Payout Details
Configure your bank payout details on this page. This is also where we send the payouts.
You can verify your payout account through your preferred method.
PSI DSS Questionnaire
Once you submit the request for KYC verification, please wait for a couple of days for your account to be verified in order to make payments. If there are any discrepancies, you will be notified through your registered email id.
Zomentum does not store any details submitted during KYC verification. The documents collected are for the sole purpose of identity verification.Dealing with verification errors
In some cases, it may not be possible to verify all the details provided by the MSP. Or there might be required to make modifications to the information they have submitted as well as include additional data.
The range of issues can vary, from verification errors caused by incomplete information to the rejection if a risk of fraudulent activity is detected.
When the verification is unsuccessful and the capability is denied, we will send a mail and notify them in the notification screen.
In the mail, you will find the info that is missing or is required. Please contact support if needed.
Zomentum Payments tries to verify your users based on the information that you provide. However, in some cases, the automatic verification might fail. This could be due to incorrect data, or the data can't be verified. In these cases, Zomentum Payments may ask your user to provide additional documents, such as a passport or a bank statement.
TABLE OF CONTENTS
- Document types for legal entities or bank accounts
Document types for legal entities or bank accounts
The following are the types of documents that Zomentum may require from your user. When uploading documents, make sure that the document meets the specific requirements for individuals, organizations, sole proprietorships, or bank accounts.
Bank account
Bank statement
If the automatic verification of a bank account fails, Zomentum may ask for a proof of bank account.
The proof of bank account can be any of the following:
Bank statements
Deposit tickets or deposit forms
Screenshots of online banking environment
Official letters issued by a bank
Cheques
Country specific documents:
Relevé d'Identité Bancaire (RIB): bank document in France
TAMIEYTHPIO: bank document in Greece
Singaporian bank passbooks: bank document in Singapore
Do not upload photos of bank-issued cards, such as credit or debit cards. These contain sensitive information.
Requirements for all documents
The document must show:
The account holder's name.
This must match your legal entity name.The account number or IBAN needs to be visible.
The date of issuance needs to be visible and needs to be dated less than 12 months ago. This requirement applies to all types of documents except for RIBs, cheques, or TAMIEYTHPIO.
The country where the bank account is located. For EU bank statements, Zomentum infers the country from the IBAN.
An indicator that the document was issued by a bank, such as a bank name, a bank logo or a bank-specific font.
If the bank account is issued under the trading (doing business as) name, it must be possible to establish a connection between the legal entity and the trading name. Note that it may be necessary to provide a supporting document.
We do not accept:
Photos of bank-issued cards, such as credit or debit cards.
Edited or personalized documents.
Documents issued more than 12 months ago.
Documents where required data points are missing.
Documents with cut-off, blurry, or low-quality images.
Documents issued by third-party software platforms or programs.
Requirements for specific document types
Direct deposit tickets and forms:
Must contain a bank logo or bank letterhead.
Can only be accepted with a stamp or signature from the bank.
Cheques:
The name of the account holder, account number, and name of the financial institution or logo need to be printed (not handwritten).
Security features need to be visible for cheques in US and CA.
The account number and routing number need to be fully visible.
We can only accept scans or direct photos of cheques.
We can only accept electronic cheques issued by banks in CA.
Letters from bank or bank account agreements:
Must contain a bank logo or a bank letterhead.
All letters must have a stamp or signature from the bank.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Constitutional document
Zomentum Payments tries to automatically verify the sole proprietorship. In case of automatic verification fails, Zomentum may ask for a constitutional document. The constitutional document must be:
Issued within the last 12 months, or it must contain a signature and a state of affairs with a date not older than 12 months.
The following are examples of documents accepted for sole proprietorships:
Doing business as-name filing (also known as Fictitious- or Trade name filing)
Tax filing
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Photo IDs
If the automatic verification of an individual's identification number fails, Zomentum may ask for a photo ID. The name in the photo ID must match the name sent to Zomentum during onboarding.
If the names are different—for example, your user provided their married name to register but their passport has their maiden name—the photo ID check will fail.
The photo ID must:
Be non-expired.
Have the machine-readable zone visible (if available).
Be a physical photo ID document, not a digital one.
The uploaded document must:
Have separate files for the front and back of the ID document (only when providing an ID card or driver's license).
Be a full-color, cropped, and straightened image.
Be a photo or a scan of the physical photo ID document. We do not accept a screenshot of a photo, a photo pasted on another document, a photo of a screen, or a photo of a printout.
We do not accept:
Screenshots of ID documents. Instead, provide a photo or PDF of the document.
The uploaded document can be a maximum of 15 pages.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Proof of address
Zomentum Payments uses the data to automatically verify your user's address.
The proof of address must be:
Issued by a reliable, independent source such as the local commercial register of the country where the business is registered in.
Issued within the last 12 months, or it must contain a signature and a state of affairs with a date not older than 12 months.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Proof of source of funds
Only applicable when creating business bank accounts and card issuing.
If the automatic verification of your user's source of funds fails, Zomentum may ask for proof of their source of funds.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Proof of source of wealth
Only applicable when creating business bank accounts and card issuing.
Zomentum may contact you for proof of your user's source of wealth. To submit the data, set the type to proofOfFundingOrWealthSource in your /documents request.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Proof of individual tax ID
If the automatic verification for an individual's tax ID fails, Zomentum may ask the individual to upload a tax identification document.
Proof of industry
If the automatic verification of an industry fails, Zomentum may ask for proof of industry.
A proof of industry can be a VAT document, a proof of tax information, or a registration document that includes a local or a global industry code. For example, SBI in the Netherlands, NACE in the European Union, or NAICS in the United Kingdom.
For the document requirements, see:
Proof of tax information for organizations
VAT document for organizations
Registration document for organizations
Proof of tax individual tax ID for individuals
Proof of national ID number
If the automatic verification of a national ID number fails, Zomentum may ask for proof of the national ID number.
The proof of national ID number must:
Have the name of the individual.
Have the national ID number.
Be issued by a reliable, independent source such as a government agency, public authority, or judicial authority.
The document must meet the following file format and size requirements:
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
In case automatic verification for tax ID fails, Zomentum may ask for proof of tax information. The proof of tax information must:
- Have the organization name.
- Have the tax ID number.
- Be issued by a reliable, independent source such as the local tax authority of the country where the business is registered.
- Issued within the last 12 months, or it must contain a signature and a state of affairs with a date not older than 12 months.
The uploaded document must meet the following file format and size requirements:
- Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
- Size for PDFs: minimum 1 KB, maximum 4 MB
- Size for other formats: minimum 100 KB, maximum 4 MB
Proof of ownership
If the automatic verification of an ultimate beneficial owner (UBO) through ownership fails, Zomentum may ask for proof of ownership.
To verify this information, Zomentum requires a visual diagram of the ownership and control structure of the legal entity or entities associated with your company, and states the ultimate beneficial owners (UBOs).
Learn more about Ownership and Control documents here.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
Proof of residential address
If the automatic verification of a residential address fails, Zomentum may ask for a proof of the residential address.
The following sources can be used as proof of residence documentation. These documents must not be older than the period specified below.
The proof of residency must:
Have the name of the individual.
Have the full residence address, residence country and residence state (when applicable).
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
File size: minimum 1 KB, maximum 4 MB
Registration document
Zomentum uses the name and registration number to automatically verify your user. In case automatic verification fails, Zomentum may ask for a registration document
The registration document must be:
Issued by a reliable, independent source such as the local commercial register of the country where the business is registered in.
Be issued within the last 12 months, or it must contain a signature and a state of affairs with a date not older than 12 months.
Check the local terms for registration numbers in different countries and the format requirements.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB
VAT document
In case automatic verification for VAT number fails, Zomentum may ask for a VAT document. The VAT document must:
Have the organization name.
Have the tax ID number.
Be issued by a reliable, independent source such as the local tax authority of the country where the business is registered in.
The uploaded document must meet the following file format and size requirements:
Formats: JPEG, JPG, PNG, or PDF (maximum 1 file)
Size for PDFs: minimum 1 KB, maximum 4 MB
Size for other formats: minimum 100 KB, maximum 4 MB