What is KYB? How payment companies check a business
By SendPay Business · · 2 min read
KYB stands for know your business. It is the set of checks a bank or payment company runs before it lets a business open an account or take payments. KYC checks a person; KYB checks a company and the people behind it.
What gets checked
- That the company is real and registered, for example on Companies House in the UK.
- Who owns and controls it, including anyone with a significant share.
- Identity checks on those owners and directors.
- What the business does and where its money comes from.
Why it matters
Anti-money-laundering rules require payment firms to know who they're dealing with. Good KYB keeps fraudsters and shell companies off a platform, which protects every honest customer on it.
If you onboard merchants
If your platform lets other businesses take payments or open accounts, you will need a clear KYB process. Ask for documents once, explain why, and tell customers how long checks usually take.
Where SendPay fits
SendPay platforms are powered by licensed partners. SendPay tells you in writing which licences apply to your platform before you pay.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
What do identity checks cost per customer?
Work out the cost per verified customer after drop-offs and manual reviews, from your own numbers.
KYC cost calculator →What is a payment facilitator?
A company that onboards merchants under its own account.
What is a payment facilitator? →What is a merchant category code?
The four-digit code that describes what a business sells.
What is an MCC? →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.