Businesses

Business statuses

In the Orum system, 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. The business is not able to send or receive funds.
  • Verified - A business passed customer identification. The business is able to send or receive funds.
  • Rejected - A business did not pass customer identification. 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. This status is terminal and once a business enters this state they are unable to change statuses even after PUT or PATCH updates. This status is only assigned via a manual request.

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

18321832

Sample webhook payload

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

{
    "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"
        }
    }
 }