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Before you can create a collection account for a customer, that customer must be onboarded as an Entity and pass KYC. This page covers what’s required, how long approval takes, and how the reliance model lets you provision collection accounts instantly.

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Full KYC is mandatory

Full KYC is mandatory for every entity, both individuals and businesses, before a collection account can be created on their behalf. This keeps incoming funds compliant, traceable, and correctly attributed.

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The standard flow

In the standard flow, an entity must be approved before you can create a collection account for it. After you submit an entity for KYC, Tazapay reviews it. This typically takes a few hours.

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The simplified model

If you’re approved for the simplified model, you can create a collection account for an entity as soon as it is in submitted status, without waiting for Tazapay’s approval.
The simplified model is enabled after review. You will still have to submit the entire KYC pack of your customer. Contact your Tazapay representative to find out whether you qualify.

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Standard vs. simplified

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Entity lifecycle

Both models share the same entity object. The only difference is the status at which a collection account can be created.
1

Create the entity

Create an Individual or Business entity for your customer via the Create Entity API.
2

Submit for KYC

Provide the required information and submit the entity via the Submit Entity API. The entity moves to submitted.
3

Reach a usable status

Standard: wait for approved. Simplified: proceed at submitted.
4

Create the collection account

Issue a virtual account or stablecoin wallet for the entity.