Security is vital when it comes to business-to-business money transfers and connectivity. With the KYB API, you rest easy knowing that KYB happens during onboarding. If the user can’t pass KYB, they can’t use your product or services.
Sila’s KYB API comes integrated with U.S. banking system connections for fast and secure business identity verification.
Sila helps through OFAC screenings, SARs filing, KYC and KYB compliance reviews, AML guidelines, and periodic bank compliance audits.
We automate risk reduction and fraud protection since every Sila KYB API customer is granted access to our /request_kyb verification.
Sila’s KYB API offers different configurations. Choose what works for you based on the different types of businesses you service.
Check our blog titled, “Know Your Customer (KYC): What is it and why is it important?” to learn about best practices with this process. Keep in mind we take care of most of the security best practices for you as part of our KYB API
Your users will need to provide: the business type, NAICS codes for the business category, approving business documentation, documentation about any beneficial owners (those who own 25% of a company), documentation about at least one controlling officer, documentation proving an individual’s relationships to the business, and potentially financial statements, licensure, and documents of incorporation
At this time we only support U.S. bank accounts and credit unions. It is possible to use our API in conjunction with international money transfer APIs such as Currencycloud, Corpay and Thunes.
For businesses, KYB costs depend on the level of KYB you need. You can view our levels here. Credits, prices and product availability varies by tier. Our pricing page has always the most up-to-date information about these details.
When a high-quality photo (i.e., no blur, no cut-off corners, no blocked text, no glare, and high resolution) of a supported document is uploaded, most KYB applications are approved within minutes. Some applications can take up to 24-72 hours to process.
There are a number of compliance requirements businesses need to follow when using KYB in a financial app. For Grow and Scale plans, you’ll need to be incorporated in the U.S. and each of your end-users will need to pass SSN verification or EIN verification. Learn more about pre-qualification for KYB API access.
Companies that interact with the US banking system and financial services need to verify the identity of their customers, even if they are businesses. That’s where KYB comes in.
KYB isn’t just “best practices;” it falls under financial compliance regulations incorporated in the USA Patriot Act (2001). Also encapsulated in these regulations are Know Your Customer (KYC), the customer identification program (CIP), and Anti-Money-Laundering (AML) regulations.
What used to be known as Customer Due Diligence (CDD), financial compliance (KYC, KYB, CIP, and AML) is essential to provide secure financial services in the U.S. This will ensure a high level of security for your business, your customers, and the U.S. financial system.
The Sila developer console provides real-time access to user documentation, approved users, and ongoing KYB verifications.
Our KYB API sandbox has no limits. It includes everything you need for identity verification, including documentation uploading and scalability. When you create your first app in the console you'll also have direct access to our engineering support team via chat.