Onboarding Customers into a Product

Before a Customer can onboard into a Product, Rize will verify the following:

  • The Customer has completed onboarding into any prerequisite Products (if required)
  • The Customer has completed a Product Compliance Plan
  • The Customer record has been updated with the required Product Profile Requirements

Prerequisite Product Requirements

Some Products must be onboarded into before others are made available. Rize controls for the sequence of Product availability using the Prerequisite Product array returned with the Product. In a multi-Product Program, those Products with no values in this array may be onboarded into in any order.

For example, a Rize Client has a Program with two Products. Product 1 is a deposit account. Product 2 is a brokerage account. For this Program, Customers must have a deposit account before the brokerage account can be opened. Rize will communicate this requirement by returning:

  • No values in the Prerequisite Product array for Product 1
  • The Product UID for Product 1 in the Prerequisite Product array for Product 2

Product Compliance Plans

The Product Compliance Plan contains the disclosures and documents that must be acknowledged by a Customer. These disclosures are defined by the Custodian providing the Product. Customers submit acknowledgements to the documents in a Compliance Plan through a Compliance Workflow. A Compliance Workflow tracks a specific Customer’s progress through a Compliance Plan.

To initiate a Compliance Workflow for a specific Product, first retrieve the associated Product Compliance Plan UID from the Products endpoint and then supply this value in your POST to the Compliance Workflows endpoint.

Product Profile Requirements

The Product Profile Requirements contain additional qualifying information that a Customer must supply. The responses to the Profile Requirements will likely dictate whether the Product is available for this Customer.

Example Profile Requirements for a Product:

  • Please supply your approximate annual income.
  • Do you own or direct 10% or more of a publicly traded company?
  • Are you politically affiliated or related to someone who is?

Customer responses to Profile Requirements are submitted to Rize on the Customers endpoint.

Once the Compliance Workflow and Product Profile requirements are satisfied, Rize requires a request to the Customer Products endpoint - indicating to Rize that the Customer has fulfilled their onboarding requirements and is ready to access the Product.

API References

Products:

  • View the Products available to the Client’s Program and the order they must be onboarded into
  • View the Compliance Plan and Profile Requirements for this Product

Compliance Workflows:

  • Initiate a Compliance Workflow for the Product’s Compliance Plan

Customers:

  • Submit responses to the Product Profile Requirements.

Customer Products:

  • View the Products the Customer has onboarded into
  • Instruct Rize to onboard a Customer to a Product