KYC Passport
This document outlines the workflows and processes for using the Etana KYC Passport product.
The product allows for registering customer information into the Etana KYC pipeline, in addition to pre-approval information (by prior arrangement with Etana), so that the customer can be approved within the Etana ecosystem.
Additionally the passport product can verify that a given user has met certain Etana approvals.
Introduction to KYC Passport
The KYC Passport product is designed to be used by institutional customers who have a need to introduce customers into the Etana environment for the purposes of funds custody and related activities.
Within the regulatory structure that Etana operates, the Etana Custody platform requires that customers meet a baseline set of standards, and that Etana has certain information and knowledge of that customer, before funds can be custodied on that customer’s behalf. In particular, funds cannot be received into or transferred out of Etana Custody accounts, unless the sending/receiving customer is disclosed and approved.
When a new customer registers for an account, the Etana Custody platform requests certain information before they are approved for an account via a series of web based dialogs.
In order to provide a more tightly integrated customer experience, the KYC Passport product allows for institutional customers to collect this customer information within their own application environment and inject it into the Etana KYC approvals process so that customer experience continuity can be maintained.
The Etana Application Flow
When a customer registers with Etana for the first time, they must provide some details about themselves.
This information extends to:
Their name and phone number.
Their current address.
Their nationality, an identity document (the particular type depends on their nationality and jurisdiction), and social security number if they are a US person.
Some details about their background (employment and income).
An external funding account held by the customer.
Following pre-approval of this application data, the customer is then directed to read and sign the Etana Custody Agreement.
At any step in the process, Etana Operations may require the customer to provide further information or updated information before approval can be completed.
Technical breakdown
In order to integrate an external frontend to the Etana KYC passport, the integrator must perform the following steps (following the sequence diagram below):
- Start an application on behalf of the customer.
It is assumed that the integrating service already has a user authenticated within their platform. Etana requires the email address of the user as a primary key.
At this stage, Etana will create a placeholder application and return a customer identifier that should be used to reference the customer in subsequent steps.
- Collect the application data required.
The integrating service can collect data and submit it in multiple steps, but must ensure it conforms to the data schema for application data outlined in the API technical appendix.
- Submit the application for review.
When the data is ready for review, the integrating service must notify Etana that it is ready for review. It is then possible to query the KYC passport service, which will respond with any updates in the review status of the application.
- Gather additional data if necessary.
The KYC passport service may indicate that additional data is required. This must be communicated to the customer, collected and resubmitted.
- Respond to the final decision.
The KYC passport will eventually indicate that the account has been pre-approved, or rejected outright.
- Ask the user to sign the Etana Custody Agreement.
In the event that a pre-approval state is reached, the user must then be asked to sign the Etana Custody Agreement, and this response should be confirmed to the KYC passport service.
At this stage, the customer account is created and enabled.
