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. 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"
}
}
}
Updated about 2 months ago