Business application
Users submit information about their business when applying for a specific product. The applications for the business and the product are separate applications because a business can apply for multiple products and be rejected for some but approved for others. The information and documents requested for each application vary depending on the type of business.
Product Details
The Product Details page contains both writeable and read-only fields. Information used during the application process is used to populate the fields, with the fields organized into sections.
You can use the Product Actions buttons to:
- Send an email containing necessary disclosures.
- Re-run the Alloy KYB/KYC check.
- Send an Adverse Action Notice to rejected applicants.
- Send a notification email to encourage users to log back into the application workflow.
- Check the health of the Core connection.
- Submit the application fields to the FI core.
- Enroll in online banking.
- Send the approved application to Treasury Onboarding.
- Send the approval email.
- Decline or approve the application.
You can use the add button (
) to launch the Add Business Person window to request the first name, last name, email, mobile phone, position at company, entitlements, and, when applicable, percentage ownership of the additional business party. As a result of completing this form, this adds the business party to that application and sends an email to the newly created business party.
Product Information
Product Name—The name of the product used to fill out the application. For BAO purposes, within the Business information section, this field will be Business Account Opening Package.
Product Type—The type of product being applied for, for example lines of credit or payroll.
Business Entity Information
Business Name—The business name provided on the application.
Legal Entity Type—The business structure listed on the application and reflected in the documentation.
Application Information
Status—The status of the application.
Product(s) Selected—A list of all products selected by the applicant.
OLB Enrollment Completed—Select this box once the new account is enrolled in online banking.
Treasury Completed—Select this box if the applicant has opted into the treasury onboarding process.
Overdraft—Select this box if the applicant has opted into overdraft protection.
Promo Code—Enter the promotional code used to open the account.
Seller ID—Enter the identification number of the seller.
Branch ID—Enter the identification code for the FI branch who received the application.
Other Information
Created Date—The date the application was created.
Last Modified Date—The date the application was last changed.
Parties
The Parties page contains details for any parties to the application, including both individuals and businesses. After opening the Parties page, select a name or business name to review or edit the application details. You can also select the add button (
) to launch the Add Business Person window to add a business party to the application.
Party Details
The type of application information for each party/applicant changes depending on whether the party is a natural person or a business entity.
Within the Party Details, you can find information on:
The level of entitlements
Whether the beneficial owner is certified
Whether KYB/KYC has been run
Whether and when the following have been accepted:
Disclosure acceptance
Beneficial owner acceptance
Control person acceptance
Privacy notice acceptance
The IP address for the application session
You can use the fields within the Parties, Party Details, and Party Address sections to change the application information that was submitted for the initial front end application process.
Relationship Graph
The Relationship Graph provides a visual representation of the connections between the individuals, roles, and businesses that are included in the application. In the below example, the graph displays the relationships between the business and the other parties to the application.
The Relationship Graph changes dynamically to focus the relationship display for the party you select. For example, in the below image, selecting the Test A Individual box demonstrates that that party has a direct relationship with the Signed By party, Rs Enterprise LLC, but no direct relationship with other individuals. Also note that the relationship listed changes based on the party that is the focus. For individuals, the relationship to the business is as a signatory (displayed as “Signed By”), but the relationship could also be that of a controller, in which case the relationship would display as “Controlled By.”
While viewing this same Relationship Graph, if Rs Enterprise LLC is selected, the focus of the relationships changes to the business, and the graph now displays the connections between the business and the individuals.
KYB/KYC
Within the Party Details for a business, you can find information on entitlements and whether KYB/KYC has been run. Additionally, you can expand the Know Your Business or Know Your Customer section to perform or view an identification check using the FI’s preferred service providers and expand the Relationship Graph section to view a visual representation of the relationships between the business and associated parties for each application.
The application information included on this page is populated using the information submitted as part of the initial front-end application process but can be changed within the BAO Back Office.
- New Request—To request new KYB or KYC details, select the required business name and individual name or names, and then click Execute.
- Details—To view the details of the KYB/KYC request for either a business or a party, select the Details tab. The information in the Details tab will be different depending on what service provider you use. For detailed information on available KYB and/or KYC provider integrations, see KYB/KYC integrations.
- History—To view the history of request accounts, go to the History section. This section lists the history details of Business and Individual entities, and the records are displayed for the same. If you want to view the information from the previous calls made to KYB/KYC providers you can do so by visiting this page.
Additional Services
You can use the Additional Services page to view any additional services that the applicant selected as part of the front-end application. Using this page, you can add additional services after the application was submitted and then map the services to specific treasury products.
You can choose to edit (
) a service, select or de-select a service, and associate a treasury product with the service.
By selecting the name of the service, you can access a page to create and view additional details and addon tasks.
Compliance
You can use the Compliance page to view and edit the compliance consent forms that were accessed and accepted by the applicant and the account activities selected by the applicant. These options can be configured so that some or all of them can be used to automatically result in a referral for the application.
Enhanced Compliance Suite (ECS)
The following compliance options are available to view or edit related to the ECS:
Ineligible business types—can be configured for automatic referrals. The primary applicant needs to certify that they are not one of these types of businesses.
Politically exposed person (PEP) (yes or no)—can be configured for automatic referrals.
Citizenship status and employment information—can be configured for automatic referrals; this is stored in the Parties section.
Subject to backup withholding (yes or no)—can be configured for automatic referrals.
Internet gambling-related business (yes or no)—can be configured for automatic referrals. Applicants need to certify that they are not this type of business.
Marijuana-related business (yes or no)—can be configured for automatic referrals.
Hemp-related business (yes or no)—can be configured for automatic referrals.
CBD-related business (yes or no)—can be configured for automatic referrals.
Owns, operates, or replenishes an ATM (yes or no)—can be configured for automatic referrals.
Dependence on charitable donations and voluntary services for support (yes or no)—can be configured for automatic referrals.
Professional services provider (yes or no)—can be configured for automatic referrals.
Expected use of account and explanation of account usage
Cash withdrawals and expected amounts of withdrawals
Cash deposits and expected amounts of deposits
Incoming wire transfers, including expected amounts and origin countries
Outgoing wire transfers, including expected amounts and recipient countries
Check withdrawals and expected amounts
Check deposits and expected amounts
ATM withdrawals and expected amounts
ATM deposits and expected amounts
ACH EFT withdrawals, including expected amounts and origin countries
ACH EFT deposits, including expected amounts and recipient countries
For FIs who have licensed the Enhanced Compliance Suite, the Denied status is automatically assigned to applications containing failed compliance responses (e.g., when a business is a marijuana-based business, but your FI does not support business accounts for marijuana businesses). Applications that fail KYB/KYC will continue to be Referred.
Documents
The Documents page lists document details and statuses for each of the documents required for the application. The list of required documents changes depending on the business type noted in the application.
The following file type extensions are supported:
- .pdf (.PDF)
- .jpg (.JPG)
- .jpeg (.JPEG)
- .png (.PNG)
- .doc (.DOC)
- .docx (.DOCX)
Standard documentation required
The standard documentation requested in the BAO applicant workflow includes:
For sole proprietorships:
Primary applicant:
Front of driver’s license or ID
For partnerships:
Primary applicant and business:
Front of driver’s license or ID
Proof of address
Partnership agreement
Authorized signers, beneficial owners, and control persons:
Front of driver’s license or ID
Proof of address
For LLCs:
Primary applicant and business
Front of driver’s license or ID
Proof of address
Articles of Organization
Authorized signers, beneficial owners, and control persons:
Front of driver’s license or ID
Proof of address
For corporations:
Primary applicant and business
Front of driver’s license or ID
Proof of address
Articles of Organization
Certificate of Good Standing
Authorized signers, beneficial owners, and control persons:
Front of driver’s license or ID
Proof of address
For nonprofits:
Primary applicant and business
Front of driver’s license or ID
Proof of address
Articles of Organization
Authorized signers, beneficial owners, and control persons:
Front of driver’s license or ID
Proof of address
Any time a DBA name is used:
Business:
Assumed Name Certificate
You can use this page to delete or add a document, and by using the Action menu, you can delete a document category, upload a file, add comments, or edit the status of the document.
Policy Conditions
Each business type has a set of policy conditions, which includes separate KYB and KYC policy conditions for the business and its signers, respectively.
For each policy condition, you can perform the following actions:
Verify the documents that have been submitted.
Add comments to the policy condition.
View the log of all changes to the policy conditions.
Override the condition status.
Additionally, you can override policy conditions when approving an application when policy conditions have not been satisfied. If you select to approve an application with unsatisfied policy conditions, you will get a pop-up asking you to verify the approval (or satisfy the policy conditions, if you choose to do so).
Funding
Q2 BAO allows applicants to fund their business accounts as the last step of the application workflow. New or existing applicants can use a business or personal debit or credit card to fund the account, or they can choose to fund the account at a later time.
You can set minimum and maximum funding amounts based on what products are included in the application or what payment type the applicant is using, and the text fields will validate against the configured minimum and maximum funding amounts. These product and payment type funding limits can be different for new and existing users.
The Funding page includes the following details:
- Funding Details—Displays the total funding amount, the application status, and the amount each product was funded for.
- Billing Details—Displays the billing address of either the business or the person related to the credit or debit card.
- Other Funding Information—Displays whether the transaction was done using a debit or credit card, whether it was a business or personal debit or credit card, and whether or not the business is a new or existing applicant.
Creating an application using the BAO Back Office
You can use the BAO Back Office to create an application on behalf of a business or individual.
To create an application
- Log into the BAO Back Office and use the app launcher to navigate to Q2Origination.
- Select Applications > New.
- Next, select Account Opening, then select Proceed .
- Select the Products the business or party are applying for, then select the terms, if needed. Select Next.
- After selecting the product(s) and terms, complete the application workflow using the contact information for the business or party.
- Select Submit.
- Complete the remainder of the fields for that application using the BAO Back Office.