Because Velo requires Payees to onboard by filling out their complete personal profile information and provide a Payment Method preference, we’ve developed a dashboard to provide a quick glimpse into the onboarding status. Understand these terms to quickly reference which Payees have completed enrollment and which Payees are eligible to receive payment. There are three Payee onboarding statuses:
- Invited: Payee has been sent an email inviting them to set up their account profile
- Registered: Payee has started, but not completed enrollment
- Onboarded: Payee has successfully completed the signup process, provided all of the required information, and has cleared a compliance review
- Registration status will be reflected within each Payee’s profile as well as on the quick look tab in the Payees list in the Payor dashboard
The United States Department of the Treasury Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions based on US foreign policy and national security goals. The OFAC agency acts to impose controls on financial transactions and freeze assets under US jurisdiction.
There are three different statuses for Office of Foreign Asset Control (OFAC) and additional compliance Know Your Client (KYC) reveiws. Velo Payments is required to screen all Payees to determine their eligibility to receive payments in accordance to the law. No individual will be cleared for payments until a compliance screening has been conducted. This action protects both Velo and the Payor from violating restrictions.
After the Payee has provided their personal information, the compliance check will be conducted. A Payee’s OFAC/Compliance status will be defined as one of the following:
- Pending: Payee has enrolled and is waiting for a compliance check to be completed
- Passed: Payee has passed a compliance review and can receive payments
- *Failed: Payee has failed a compliance review and is not eligible to receive payments
- Lock Icon: This indicates Velo needs to perform further review on the Payee
*To note: In most cases, Failed statuses are a result of an inconclusive review. In order to verify the identity of a Payee, Velo will contact the individual or company to request additional documentation. For more information on OFAC and sanctions lists, please visit the US Department of Treasury.
Lastly, we also identify three invitation statuses, which identify if the Payee has Onboarded and Accepted the to receive payment from you, the Payor.
- Pending - Payee has not taken action on your invitation
- Accepted - Payee has confirmed and accepted your invitation to receive payments
- Denied - Payee has declined your invitation to receive payments