Onboarding With Verto: All the Documents You Need

Getting Started with Verto

Onboarding with Verto has been designed to be efficient, compliant, and customer-focused, ensuring a smooth entry into the world of cross-border payments. Read more for an inside look at how the process works, the rationale behind document requirements, and the steps we've taken to streamline onboarding while maintaining robust security and compliance standards...

Why Are Documents Required During Onboarding?

When onboarding with Verto, customers are asked to provide specific documents to meet both local and international regulatory requirements. These documents serve several purposes:

1. Regulatory Compliance to Protect You

Financial institutions are required to comply with laws designed to combat money laundering, terrorism financing, and sanction violations. By verifying identities and assessing risk profiles, Verto ensures we are compliant with jurisdictional regulations so you can trust us to facilitate your payments.

2. Audit and accountability

By doing effective due diligence in evaluating all using Verto’s cross-border payment platform, Verto protects our customers, our business, and the financial ecosystem as a whole.

3. Risk mitigation

By understanding our customers' activities and building them around Verto’s risk appetite, we can safeguard the ecosystem from bad actors who might exploit it for fraud or other illicit purposes.

4. Global financial ecosystem security

A secure financial system depends on the rigor of individual institutions. Weaknesses in onboarding can create vulnerabilities that affect other businesses and consumers worldwide. Verto ensures we’re not a weak link.

What Documents Are Required?

The required documents depend on the customer’s country of operation and local regulations. However, there is considerable overlap globally. 

Key categories of documentation include:

• Proof of identity confirms the identity of the business owners or operators.

• Proof of address verifies the legitimacy of your business location.

• Business registration documents establish your company’s legal standing.

• Financial statements help us understand the financial health and nature of your operations.

For example, as a limited company in Nigeria, you need a certificate of incorporation, a Memorandum of Association from CAC/CAC Status Report showing shareholding structure, business bank statements for the last 3 months as well as a valid passport and proof of personal address. 

A limited company in the UK requires a Certificate of Incorporation and Memorandum of Association issued by Companies House, 3 months’ audited accounts or bank statements, proof of address, ID (passport, drivers license, ID card), and personal proof of address. 

Steps for Onboarding at Verto

The onboarding process at Verto is designed to be intuitive and quick.

Follow this step-by-step guide:

• Create an Account. Begin by signing up on our platform, providing basic details like your name, email, and password.

• Submit Documentation. Upload the required documents. Our platform guides you through the specific documents needed for your country of operation.

• Automated Checks. Our system runs automated compliance checks using advanced AI and third-party providers, ensuring a rapid yet thorough review.

• Verification and Approval. Once the checks are complete, our team reviews the application.

• Start Transacting. Upon approval, you gain access to Verto’s suite of financial tools to facilitate your global transactions.

The whole process is quick and easy - taking less than 20 minutes if all your documents are available.