Customers

A Customer on the Rize Platform is the end user of your application. Customers are unique to each Program and the management of all accounts and identifying information is handled on a Program-by-Program basis.

Creating Customers

Customers on the Rize Platform are the end-users of your application. Creating a Customer for your Program falls into three areas:

  • Compliance Workflows and Document Acknowledgments
  • Personally Identifiable Information (PII) and Customer Onboarding
  • Know Your Customer/Anti-Money Laundering (KYC/AML) Validation

Compliance Workflows

Compliance Workflows are used to group all of the required Compliance Documents together and to ensure they are presented and acknowledged in the correct order.

Compliance Documents are any collateral that a Customer must acknowledge before accessing a Product. These may be e-sign agreements (contracts), cookie usage acknowledgments, or any documentation that must be made available to a Customer at some point during onboarding before the Custodial Account can be opened. These documents are defined by the Custodian(s) participating in your Program.

To create a Compliance Workflow for your Customer, first get the Compliance Plan that belongs to the Product from the Product Compliance Plan UID returned from Products. The Product Compliance Plan indicates to Rize which Product the Customer is attempting to onboard onto and what Compliance Workflow Rize should initiate.

The Rize Sandbox makes two Products available to your Program. Customers must onboard into the Checking Account Product before onboarding into the Target Yield Brokerage Account Product.

Your request to the Compliance Workflows endpoint initiates a Compliance Workflow for the Customer you are onboarding. The Compliance Workflow contains all of the disclosure and compliance documents that your Customer must acknowledge before they can open a Custodial Account. The Compliance Workflows endpoint supports your request for documents, your supply of acknowledgements, and a method for viewing your Customer’s progress within the compliance onboarding process.

Rize supplies Compliance Documents in Steps. All documents in a Step must be acknowledged before the documents in the subsequent Step will be supplied. The documents that are awaiting acknowledgement in the current Step are available in the current_step_documents_pending array. Once Rize receives the acknowledgements for all documents in the current Step, the documents in the next Step will be supplied.

Rize stores all acknowledgments, documents, document versions, and timestamps to assist Custodians with regulatory inquiries. These records are available to you and your customers through the Compliance Workflows endpoint, using the Workflow UID as a reference.

The Rize Sandbox is configured with following compliance documents, acknowledgment requirements, Profile Requirements, and Steps for the Checking Account Product and the Target Yield Brokerage Account Product.

Checking Account Product Compliance Documents:

Sandbox Document Name

E-Signature Required on the Acknowledgement (Y/N)

Step Number

Terms of Use

N

1

Privacy Policy

N

1

E-Sign Disclosures and Agreement

Y

1

USA Patriot Act

N

2

Deposit Agreement

N

2

Call and Text Consent Disclosure and Agreement

N

2


Checking Account Product Profile Requirements:
Not applicable. There are no Profile Requirements for a Customer onboarding into the Checking Account Product.


Target Yield Account Product Compliance Documents:

Sandbox Document Name

E-Signature Required on the Acknowledgment (Y/N)

Step Number

Target Yield Disclosure - Sandbox

N

1


Target Yield Brokerage Account Product Profile Requirements:
To onboard a Customer into the Target Yield Brokerage Account Product, responses to the Profile Requirement below must be supplied. These are made available from the Products endpoint. The Profile Responses to each question related to the Target Yield Brokerage Account Product must be returned with a value of yes or no. Rize will not perform any validation on the returned Profile Responses to determine the Customer’s eligibility for the Target Yield Brokerage Account Product.

Required (Y/N)

Profile Requirement Text

Response Type

Validation (Y/N)

Y

Is the account maintained for a current or former Politically Exposed Person or Public Official (includes U.S and Foreign)? A politically exposed person is someone who has been entrusted with a prominent public function, or who is closely related to such a person.

Yes or No

N

Y

Are any of the account holders a control person of a publicly traded company? A Director, Officer or 10% stock owner?

Yes or No

N

Y

Are any of the account holders affiliated with or employed by a stock exchange, member firm of an exchange or FINRA, or a municipal securities broker-dealer?

Yes or No

N

Document Acknowledgments:

A Customer record must have affirmative acknowledgments to all the documents that belong to a Product before they can access the Product on the Rize Sandbox. All of the documents that a Customer must acknowledge across all steps are available in the all_documents array when beginning a Compliance Workflow. The documents that a Customer has acknowledged are available in the accepted_documents array.

Acknowledgment requirements differ depending on the document content. If a document requires an electronic signature, additional fields must be supplied in the acknowledgment. Your application can discern which documents require an electronic signature through the electronic_signature_required value returned with each document in the Compliance Workflows endpoint response.

The document titled “E-Sign Disclosures and Agreement” in the Rize Sandbox requires an electronic signature on the document acknowledgment. This means that the acknowledgment supplied for this document must contain all of the fields shown on the payload example below:

"accept": "yes",
"customer_uid": "h9MzupcjtA3LPW2e",
"document_uid": "Yqyjk5b2xgQ9Frxs",
"ip_address": "107.56.230.156",
"user_name": "gilbert chesterson",

See the API specifications for submitting document acknowledgments here

Submitting Customer Personally Identifiable Information (PII) and Customer Onboarding

After a Customer starts a Compliance Workflow, Rize expects you to submit their remaining PII and notify us that the Customer is ready for account opening.

Submitting PII:

At the onset of the Customer onboarding process, Rize only has the Customer email address available. Before an account can be opened with the Custodian in the Rize Sandbox, additional PII for the Customer must be provided. The PII can be supplied at any time to Rize after the Compliance Workflow begins and you have a Rize Customer UID to reference.

After your initial submission supplying external uid and email, the Customers endpoint will accept the remaining personally identifiable information (PII) and Profile Responses for each Customer. The PII for a Customer must be submitted in full. Rize will not accept your request if any field is incomplete or missing. PII can be edited for a Customer up until a valid request to onboard a Customer to a Product is sent to the Customer Product endpoint.

Rize performs validation on the SSN field supplied with a Customer to prevent invalid SSN values. Rize will reject a Customer record with a SSN value that does not adhere to the following parameters:

  • The 1st part, 3-digits, may not include 000, 666
  • The 2nd part, 2-digits, may range from 01 to 99
  • The 3rd part, 4-digits, may range from 0001 to 9999

Profile Responses are submitted in response to Profile Requirements. The Profile Requirements a Customer must satisfy before onboarding onto a Product are available on the Products endpoint. Profile Responses may be risk tolerance, income level, or other profile related data required from a Customer before they can onboard onto the Product.

To view the Customer PII requirements and how to submit PII to Rize, see the Customers endpoint here.

Customer Onboarding:

The request to onboard a Customer serves as explicit confirmation from you that the Customer is ready for account opening. This event initiates the KYC/AML verification process and account opening at the Custodian(s) in your Program. This is a billable event and is isolated intentionally for you to confirm that the Customer record is complete. Customer Onboarding is the event that locks the customer PII and profile responses from further edits.

Customer Onboarding onto a Checking Product is designed to work as follows:

  • The Customer completes the required Compliance Workflow initiated from the Compliance Workflows endpoint and all documents are acknowledged.
  • The Customer provides complete PII as defined by the Customers endpoint
  • The Customer provides complete Customer Profile information as defined by the Product endpoint
  • You submit a request to Customer Products with the specified Product this Customer is onboarding onto.
  • Rize performs a validation on the PII provided, the Customer Profile data, and the Compliance Workflow to confirm all are valid.

If the Customer passes these validations and meets the duration requirements described below, the Customer record is submitted to the KYC process.

Customer Onboarding onto Target Yield Brokerage Product is designed to work as follows:

  • The Customer is successfully onboarded onto prerequisite Checking Product.
  • The Customer completes the required Compliance Workflow initiated from the Compliance Workflows endpoint and document is acknowledged.
  • Submits request for Identify Confirmation. Customer verifies previously submitted PII.
  • The Customer answers compliance profile questions.
  • You submit a request to Customer Products with the Target Yield Brokerage Product this Customer is onboarding onto.
  • Rize performs validation on the PII provided, the Customer Profile Data, and the Compliance Workflow to confirm all are valid.

Duration Requirements:

You have a set duration to submit a Customer onboarding request. Rize measures the duration from the begun_at timestamp of the current Compliance Workflow returned from the Compliance Workflows endpoint to the time Rize receives the Customer Onboarding request.

"summary": {
    "accepted_quantity": 1,
    "begun_at": "2020-08-20T21:13:55.823Z",
    "completed_step": 0,
    "current_step": 1,
    "status": "in_progress"
  }

If the Customer Onboarding request falls outside of the set duration, your request will fail. If your request fails, the Compliance Workflow must be restarted for this Customer and the Customer must re-acknowledge all documents. Restarting the compliance workflow will also restart the duration available for a valid submission to the Customer Products endpoint.

The Rize Sandbox has a 48-hour duration measured from the begun_at timestamp of the current Compliance Workflow to the time Rize receives the Customer Onboarding request.

To submit the Customer Onboarding request, see the Customer Products endpoint here.

Onboarding Evaluations

Once Rize receives complete PII, complete compliance document acknowledgments, and the Customer Onboarding request within the duration requirements, your Customer record will automatically be sent to Rize’s identity verification partner.

Because your Customers have assets held by financial institutions, Customers must undergo a KYC/AML evaluation before they can onboard to the Rize Platform.

In the Rize Sandbox, you can generate and test your receipt of the customer evaluation statuses using the last names supplied with the Customer record. The statuses in the Rize Sandbox and the last names that trigger these statuses are listed below.

The status values returned in the Rize Sandbox are not representative of all values you may receive in production. Rize will work with you and the Custodian to define and validate all of the statuses as part of setting up your Program.

Customer Last Name

KYC_Status Returned

Description

Any value, excluding ones listed below.

Approved

Approved status indicates that the Custodian will allow the Customer to access their Service Offering immediately. The Customer has completed onboarding to the Program. No documentation is required.

Johnson

Denied

The Customer is denied access to the Custodian’s products. No recourse is available through the Custodian or Rize.

Smith

Manual Review

The Custodian is unable to onboard the Customer through an automated process and additional information is required.

Davis

Pending ID Documents

The reviewer cannot adjudicate the Customer without identity verification documents. The Customer must supply a non-expired government issued photo identification such as a driver’s license or a passport. For more information, please review the Compliance Hub provided by the Rize Compliance team.

Brown

Pending POA Documents

The reviewer cannot adjudicate the Customer without address verification documents. The Customer must supply address verification documents before the review can be completed. For more information on acceptable types of documentation, please review the Compliance Hub provided by the Rize Compliance team.

Jones

Pending IDandPOA Documents

The reviewer cannot adjudicate the Customer without identity and address verification documents. The Customer must supply identity and address verification documents before the review can be completed. For more information on acceptable types of documentation, please review the Compliance Hub provided by the Rize Compliance team.

If a Client plans to test the Manual Review KYC state that is returned for the last name Smith, it is recommended that they make the first name of that user the Client name so it is easier to view on the Rize side.

Uploading Customer Documents

When Rize returns an onboarding outcome of Manual Review, your Customers are required to submit documentation for the Custodian or the Rize Risk team to review before the Customer can join your Program. Manual Reviews will occur for your Program so we recommend testing document uploads.

Document uploads can also be performed through the Rize Administration Application, under the Account Verification tab.

All uploaded documents for your Customers, performed through the API or through the Rize Administration Application, are available in the Account Verification tab.

See the API specifications for managing KYC Document Uploads here.