Introduction

In Kredete's system, an entity represents an individual or organization with specific rights and roles related to our financial products. Entities are established for each of your end users and are essential for utilizing services such as credit facilities, depository accounts, and card products, as well as for generating account numbers within Kredete's infrastructure.

Entity Types

• Individual Entity: Represents a single person.
• Business Entity: Denotes a registered business (excluding sole proprietorships). Requires information on beneficial owners and control persons.
• Sole Proprietorship Entity: Pertains to sole proprietorships. Exempt from beneficial ownership information requirements.

The data requirements for each entity type vary based on their role in relation to Kredete's products.

Entity Roles

Data requirements differ across roles; therefore, specifying the intended_roles attribute during entity creation ensures that all necessary information is collected appropriately. Permissible roles include:

• Account Holder: Entity with full control and legal responsibility for the account.
• Authorized Signer: Individual authorized to sign on behalf of the account holder, without legal responsibility. Common in business account scenarios.
• Authorized User: Individual granted limited account access, without legal responsibility.

An entity may qualify for multiple roles. In such cases, you can specify multiple roles in intended_roles (e.g., authorized_signer, account_holder) during entity creation. However, all roles included in intended_roles must successfully pass validation for the entity to be established.

Data Requirements for Entity Roles

The information required varies based on the entity type and role. Generally, the following data is necessary:

Individual Entities

• Authorized User:

  • First and last name
  • Contact method (email or phone number)
  • If not a U.S. entity, full KYC (Know Your Customer) details

• Authorized Signer and Account Holder:

  • First and last name
  • Contact method (email or phone number)
  • Physical address
  • Date of birth (must be 18 or older)
  • Government-issued identification
  • Compliance checks (e.g., OFAC, KYC)
  • Risk assessment score

Business Entities

• Business name
• Business type and industry
• Contact method (email or phone number)
• Government-issued identification
• Physical address
• Compliance checks (e.g., KYC, OFAC)
• Risk assessment score
• Details of control persons and beneficial owners

Sole Proprietorship Entities

Similar requirements to business entities, with the sole proprietor's information serving as the control person.

Example Workflow

Consider "Alex's Art Supplies," a sole proprietorship owned by Alex:

1. Create Individual Entity: Establish an individual entity for Alex with the role of authorized_signer, including all necessary personal information.
2. Create Sole Proprietorship Entity: Set up a sole proprietorship entity for "Alex's Art Supplies" with the role of account_holder, linking Alex's individual entity as the sole proprietor.

This structure ensures that all required data is accurately captured, facilitating compliance and enabling access to Kredete's financial products.

Additional Information

For detailed information on entity creation and management, please refer to Kredete's API documentation or contact our support team at [[email protected]]