KYC approval for Accounts created via API

Creation of accounts will have a status of 'PENDING'. This means that the account has not gone through full KYC approval and won't be able to execute transfers until the status updates to 'APPROVED'

Creation of Accounts

Create Account
Within the request to create an account there are several profile fields that can be submitted with the request.

While you can submit as many or as few fields as you would like, Wyre ultimately requires that all of the fields get submitted & approved before the Account becomes approved.

Checking Account Status

To find out the status of an account and the status of specific profile fields, use the Get Account endpoint. This will tell you not only the status of the profile field, but in the case of a rejection we will provide notes on why the specific field was rejected.

Updating Accounts

In the case that you would like the submit new profile fields or update profile fields for an Account that has already been created, use the Update Account endpoint.

Creating a Payment Method

There are two ways to create payment methods.
Wyre allows partners to create payment methods with Plaid .
If you do not plan on using Plaid, you can create a payment method by sending in banking details.

Uploading Documents

Profile fields that have the field type DOCUMENT require document uploads.

Profile Field individualGovernmentId requires the upload document endpoint.

Profile Field individualProofOfAddress requires the payment method follow-up endpoint. This document should be a full month's bank statement within the last 3 months.

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A Note about Plaid payment methods

Plaid payment methods do not require a payment method follow up as long as the name on the bank account attached via Plaid matches the legal name of the profile field individualLegalName.

In the case that joint bank accounts are attached Wyre will also require a payment method follow up bank statement upload.