Because Velo requires Payees to onboard by filling out their complete personal profile information and provide payment channel preference banking information, 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 are eligible to receive payment.
There are three different statuses to identify Payee registration status progress:
- Invited: Payee has been sent an email inviting them to set up their account profile
- Registered: Payee has created a username and password, but has completed enrollment
- Onboarded: Payee has successfully completed the signup process, provided all of the required information, and has been cleared a compliance review (see below)
- 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). Velo Payments is required to screen all Payees to determine their eligibility to receive payments in accordance to the law. No individuals will be cleared for payments until OFAC screening has been conducted. This action protects both Velo and the Payor from violating OFAC restrictions.
After the Payee has provided their personal information, a 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 awaiting a compliance check enrollment complete
- Passed: Payee has passed and is not found on any sanctions list; Payee has cleared OFAC and can receive payments
- *Failed: Payee has failed a compliance check and payment will not be allowed
- A Lock Icon: Indicates that Velo needs to perform further review on the customer
To note -
* Most commonly, OFAC results are returned as inconclusive. To verify the identity of the Payee and clear OFAC, Velo will contact the individual to request additional documentation.
* For more information on OFAC, please visit the US Department of Treasury.
Lastly, we also identify three invitation statuses which identify if the Payee has onboarded and accepted 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