Business Statuses

Business statuses

In Momentum, a business can have one of the following statuses, indicated by the status field.

Created - A business was created or a business’s record was updated in a way that requires re-verification. A business in the created state is only able to send or receive funds with B2B Payments.
Verified - A business passed verification. The business is able to send or receive funds with all transfer use cases.
Rejected - A business did not pass verification. The business is not able to send or receive funds.
Restricted - A business matched a sanctions list during watchlist screening. The business is not able to send or receive funds.
Closed - A business has been soft deleted in Orum’s platform (can only be manually done by the Orum team as of now). The business is not able to send or receive funds.

The diagram below shows how a business can move through the above statuses. Note that a business can move from "verified" to "restricted" if a business matches a sanctions list anytime after its initial customer identification.

If a business fails customer identification and is set to the rejected status, Orum will automatically kick off a manual review and attempt to retry the customer identification workflow to resolve the issue

Sample webhook payload

Momentum will send webhooks to notify you of business status changes.

{
    "event_id": "0b0bd7a4-c9aw-49d1-97da-7353ea40fd02",
    "event_type": "business_verified",
    "created_at": "2022-08-26T18:40:31.775Z",
    "event_data": {
        "business": {
            "id": "d2c780fd-cd60-495f-a63d-60d4709410e5",
            "legal_name": "My Company Inc",
            "entity_type": "sole_proprietorship",
            "tax_id": "012345678",
            "tax_id_type": "tin",
            "status": "verified",
            "addresses": [
                {
                    "id": "cw9ad970-637f-4e4a-b808-917efce377db",
                    "address1": "10 Test st",
                    "city": "New York",
                    "state": "NY",
                    "country": "US",
                    "zip5": "10001",
                    "created_at": "2022-08-26T18:28:50.569975Z",
                    "updated_at": "2022-08-26T18:28:50.569975Z"
                }
            ],
            "contacts": [
                {
                    "id": "f8d8aa5-cdcf-4e31-82b4-c438e786e5f8",
                    "value": "[email protected]",
                    "created_at": "2022-08-26T18:28:50.569975Z",
                    "updated_at": "2022-08-26T18:28:50.569975Z"
                },
                {
                    "id": "b0278cp1-3d01-2640-b4s9-26a6d1f5b2cv",
                    "value": "mycompany.com",
                    "created_at": "2022-08-26T18:28:50.569975Z",
                    "updated_at": "2022-08-26T18:28:50.569975Z"
                },
                {
                    "id": "d1479dd1-2d98-4967-a4f8-18d9e1e9a8ad",
                    "value": "+15551234567",
                    "created_at": "2022-08-26T18:28:50.569975Z",
                    "updated_at": "2022-08-26T18:28:50.569975Z"
                }
            ],
            "created_at": "2022-08-26T18:28:50.569975Z",
            "updated_at": "2022-08-26T18:29:12.052262Z"
        }
    }
 }