Account verification and source of funds – All you need to know

Account verification and source of funds – All you need to know

Whether an existing or new customer, everyone at some point will need to verify their identify – it’s basically just us checking you are who you say you are. So why is it important, how do we do it and what do you need to be on the lookout for?

What is account verification?

It is the process of us verifying your Payz account details against the information and documents you provide.

Why do I have to verify my account details?

You are helping us

Payz is a regulated financial institution. It means that we need to follow our regulators’ requirements and guidelines to be able to provide you with our products and services. One of these requirements is to have up to-date information about our customers, and to know how they use our services.

You are helping yourself

By verifying your identity and keeping your account information up-to-date you are also taking a step towards protecting yourself. For example: imagine you’ve ordered a Payz Mastercard® and you’re moving houses, but you forgot to inform us about your new address – the card will get delivered to your previous residence and an ill-meaning person can get access to it.

Essentially this helps keep Payz and you, as our customer, safe, and prevent criminal activity, such as money laundering and fraudulent activity.

What we ask

When you become a Payz customer, and throughout your journey with us, to pass verification we need to ask you a series of questions or to send us some documents. Questions we ask can be related to:

• who you are (your name and date of birth),
• where you are from (your address and nationality),
• what you do (your profession & income),
• and how you intend to use our services.

If you have regular incoming payments into your Payz account, we may need to​ understand where the money comes from, which could involve us asking you questions or for documents such as bank statements, tax declarations or other documentation.​

We will only ask you this through our official channels:when you log in to your Payz account or by sending you an email message.

What happens if I don’t pass my verification?

We’ve tried to make this as easy as possible and we provide detailed explanations along the way to help you, but if we cannot accept any of your documents we’ll notify you why and you can re-submit them. Our Customer Service team are available 24/7 and can provide further help or answer questions you may have.

I already verified my account details before, why do I need to do it again?

Sometimes regulations change, or documents simply expire, and that is the reason we may need to ask you to verify your account details again.

We understand this can be a little bothering, which is why we try to make it as easy as possible to re-verify your account. All you need to do is log in to your account and upload the necessary documents.

Are my documents safe, and how do you store them?

We use the highest standards of data security and encryption complying with standards such as the Payment Card Industry and Data Security Standards (PCIDSS). 

We’re legally required to keep your data for a minimum of 5 years. You can find out more about how we keep your private information protected in our security policy and privacy policy.

Be vigilant

We may send you emails and reminders about account verification, but remember there might be people out there trying to exploit you. If you receive any suspicious links or phone calls, please don’t provide any personal or account information and let us know immediately at Read our previous blog article on how to recognize and avoid phishing attacks.

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