Overview
This video shows you how to initiate and complete KYB (Know Your Business) for a payer in Zenwork Payments. KYB is required to activate payment capabilities, so it’s one of the first steps after starting your free 30-day trial.
You’ll see how to access the payer from the All Payers dashboard, review and update existing details, connect a bank account, add a business address, and set up a representative with controller/owner information. Once submitted, KYB moves from Pending to Verified, allowing you to create bills and make payments to vendors for that payer.
Step-by-Step Process
- Start your free 1 Month free trial, go to the All Payers dashboard, switch to your preferred view, and select the payer you want to verify.
- Click Update now or open the payer’s profile and go to the Edit Payer tab to review and update existing information.
- Fill in mandatory fields like business description or website URL, then connect a bank account using either micro-deposit verification or instant bank login, and add the business address.
- Click Add Representative, enter the required details, toggle Company Controller and Owner where applicable, add designation and ownership percentage, and save.
- Click Initiate KYB, see the status move to Pending, and once it’s updated to Verified, start creating bills and making vendor payments from the Single Payer dashboard.
What KYB Sets Up
When you initiate KYB for a payer in Zenwork Payments, you’re enabling:
- Verified business identity details (description, website, and address).
- A securely connected bank account for sending and receiving payments.
- Clear documentation of the authorized representative, controller, and owners.
- Compliance checks needed to activate and use payment features.
Once KYB is verified, that payer is fully ready for downstream workflows like adding vendors, creating bills, and scheduling payments.
