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How it works

To create an account with Equals Money, you submit an application with details about the business or person you’re onboarding. The Onboarding API separates application creation from submission, so you can gradually collect information, upload supporting documents, and amend details before triggering verification. Once you’re ready, you submit the application and we run it through our verification process before activating the account. The Onboarding API supports two types of accounts: personal accounts for individuals, and business accounts for companies, partnerships, charities, and other entities. Sole traders also use the business account flow, even though the applicant is an individual. Each account type has its own dedicated guide with step-by-step instructions.

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KYC models

Equals Money supports three Know Your Customer (KYC) verification models, which determine who is responsible for collecting verification information. Your assigned model is agreed during your project scoping phase. With the Managed by Equals model, Equals Money handles all compliance checks including guided identity verification. With the Hybrid model, you collect information in your own interface and submit it to Equals Money for review. With the Delegated model, you handle the full onboarding and compliance process before sharing approved applications with Equals Money. Regardless of which model you use, Equals Money may request additional verification after submission.

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After submission

Once an application is submitted, the review process is asynchronous. You’ll receive webhook notifications as the application progresses through verification, and we’ll let you know if any additional documentation is needed. Once the application is approved, the account is activated and ready to use. You’ll receive an AccountActivated webhook with the account’s settlement details to confirm this.
We use the details you provide for risk and transaction monitoring, so it’s important they’re accurate. If you’re unsure about anything, please contact your account manager.
The following diagram describes the different steps required to create an account with Equals Money. Click on the image to enlarge it. Diagram showing the onboarding flow for personal and business accounts

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Next steps

  • Get started — Jump into the accounts and onboarding tutorial
  • API Reference — Complete API specifications and field definitions