Identity Verification Process #

General Functionality #

In order to start investing through the platform, users need to undergo identity verification. We utilize the robust Plaid Identity Verification service to ensure a secure and seamless process. But KYC provider could be different.
To kick off the verification process, users can navigate to their user area and after completing the Reg CF Investment Limit check the verification will take place within Plaid’s native interface.
Each investment profile should pass KYC. KYC status is not shared.
During the verification process, users are required to provide the following details:

Personal KYC form include the following fields:

Name	Mandatory	Description
Personal information
First Name	yes	Individual’s legal first name
Last Name	yes	Individual’s legal last name
Date Of Birth	yes	Customer’s date of birth in MM/DD/YYYY format. Must be between 18 to 125 years of age.
Last 4 Digits of SSN	yes	Last four-digits of individual’s social security number
Address	yes	Street number, street name of individual’s physical address
City	yes	City of individual’s physical address
State	yes	Selector with US state names. Two-letter US state is sent to Dwolla
Postal Code	yes	Customer’s US five-digit ZIP or ZIP + 4 code
Phone number	yes	Customer’s phone number

SSN field behavior: User provides full SSN on ownership step, once ownership form is submitted we save SSN on frontend until page is refreshed or session is finished. Until SSN is kept on frontend we use it for pre-accreditation form/ownership step of investment process.
Plaid provides several different level checks, but in this demo product we use SMS Verification & Lightning Verification conbination.

Verification statuses #

Once initiated, the verification process can have several statuses (describe internal statuses):

internal status	plaid status	description
`new`	-	internal status only, assigned by default
`pending`	`active`	This status indicates that the identity verification attempt is underway. The user may have started the process but hasn’t completed all the necessary steps yet.
`approved`	`success`	A successful verification means the user has completed all the required steps, meeting the standards outlined by the Identity Verification template.
`declined`	`failed`	If a user fails to pass one or more verification steps, they’ll receive this status and will be advised to reach out to our support team for assistance.

Additional statuses from Plaid flow that could happen:

Cancelled: Users or administrators can opt to cancel the identity verification attempt. This could happen via the Plaid dashboard or through API commands. In such cases, the user might have started but not completed the process.
Expired: If an identity verification attempt remains active for an extended period without completion, it’s marked as expired. It’s worth noting that while sessions currently don’t expire, automatic expiration may be implemented in the future.

To address failed/cancelled verification statuses, administrators can utilize the Plaid Identity Dashboard. They have the authority to cancel verifications or request retries if users encounter any issues during the process. This ensures a smooth and efficient resolution for all verification concerns. In case of Retry - user will see ability to re-pass KYC next to status in user area.

On our end via administration panel kyc status could be find or synced with Plaid Dashboard info.

More details how Plaid works - https://plaid.com/docs/identity-verification/#overview