Understanding KYC on HIFI

Know Your Customer (KYC) is an essential process that financial institutions use to verify the identity of their clients. This process is a critical component of anti-money laundering (AML) compliance and helps prevent financial crimes such as fraud and terrorism financing.

Why is KYC Important?

KYC procedures are not just regulatory formalities; they are proactive measures to ensure the safety and integrity of financial transactions. By verifying the identity of users, HIFI ensures a trustworthy environment for all its customers. It also limits the potential misuse of the platform for illicit activities.

KYC on HIFI: A Step-by-Step Guide

To unlock a rail on HIFI through our KYC process, follow these steps:

Getting Started: Create a HIFI User

Creating a user object on HIFI is quick and simple with the Create User endpoint. When creating a user, you provide basic user information which gives you access to our on-chain function with provisioned wallets.

KYC Endpoints

All rails can be unlocked through our KYC endpoints. For example, if you want to unlock the USD_EURO rails, you can follow these steps after successfully creating a HIFI User:

1. Gather the required KYC information for the USD_EURO rail by either consulting our KYC documentation or using the Get KYC Requirements endpoint.
2. Update the user's KYC information using the Update KYC endpoint.
3. Unlock the rail by submitting the user's KYC information through the Submit KYC endpoint.
4. Get the user's KYC status for the USD_EURO rail via the Get KYC Status endpoint.