To use Understory Pay, you must complete a standard verification process called KYC (Know Your Customer).
KYC is a legal requirement for all regulated payment providers and helps ensure secure and compliant payment processing.
Why is KYC required?
KYC is required to:
Prevent fraud and financial crime
Verify business ownership
Protect merchants and customers
Ensure regulatory compliance
All payment providers — including banks and global payment companies — require this process.
What information do I need to provide?
During onboarding, you will be asked to provide:
Company legal name, registration number, and address
Bank account details for payouts
Information about owners and decision-makers
Identity verification (passport or national ID)
In some countries, you may be able to verify instantly using local digital identification methods such as MitID or BankID.
How long does approval take?
In many cases, approval is instant when using digital verification methods.
If additional documentation is required, approval typically takes 1–2 business days.
You will be notified if more information is needed.
Is my information secure?
Yes.
Understory Pay is built on secure, enterprise-grade payment infrastructure. All verification data is handled in accordance with financial regulations and strict security standards.
What happens if I don’t complete KYC?
You cannot receive payouts through Understory Pay until the verification process is completed and approved.