Hyperwallet is required to comply with various laws and regulations around the World including those relating to anti-money laundering and counter-terrorist financing (AML/CTF). This requires Hyperwallet to undertake ‘know your customer’ (KYC) due diligence upon all of its corporate clients and, in certain circumstances, to undertake Payee Verification upon their payees.
Further to an internal review and as part of its compliance program, Hyperwallet is extending the scope of mandatory Payee Verification to all EU based payees whom it considers to be operating as marketplaces.
What does this mean to you and your sellers?
Retailers or Private sellers residing in the European Union who receive a payment or a total of payments above an applicable threshold set by Hyperwallet will need to undertake Payee Verification.
If a seller is flagged for verification, their Hyperwallet account is paused until verification is completed. The process may take up to 2 days.
You can read more about Hyperwallet's Payee verification.
How will you know a seller requires verification?
At the moment, the only way to determine if a seller requires verification is either in the client view or by editing the member in admin.
Sellers that are flagged for verification will also experience an error if you attempt to process a payment to them. So if you notice any existing sellers that fail, this may be the cause.
Email notifications are planned and will be released in the near future.
How will sellers undertake Payee Verification
To facilitate and streamline the collection of Payee Verification data required for verification, we have integrated Hyperwallet's Payee Verification widget. This is found in the sellers client portal in the Payment Settings section.
There they will be required to complete the details to confirm proof of identify. This may include uploading documents to prove identity or business registration.
Once completed, Hyperwallet will then review the documentation and provide a response within 2 business days.
Client view: Seller requires verification
Client view: Seller verification process is under review
Marketplace operator view: Seller verification is required
Marketplace operator view: Seller verification is under review
