Financially Legal

Confido Legal Release Notes - February 2024

Written by Stephanie Watanabe | Feb 20, 2024 5:52:16 PM

This release includes updates to Hosted Onboarding and addClient. There are no breaking changes.

 

Updates

 

Hosted Onboarding: Invite an Owner

We're introducing Invite an Owner to hosted onboarding. An owner may not always be the person who begins the application, but now there's an easy way to privately and securely add the business owner information at a time that works best for them. Invite An Owner creates a secure link that can be sent to the business owner and saves their information as they progress. Read more...

 

 

addClient Mutation

We are no longer requiring the firmID in the addClient mutation.  This is now optional when using a firmApiToken token.

Fixes

  • We fixed a bug with ACH payments where the status for failed payments was pending. Failed ACH payments will now result in status = error.

Breaking Changes

  • None

Sales Insight - Beneficial Owner Regulations

At Confido Legal, we are often asked why we require so much information from business owners. This is driven by regulations that we are obligated to follow as a payment processor. Each individual who directly or indirectly owns 25% or more of a business is considered a "beneficial owner" of that business. We must obtain certain information to identify and verify the identity of each beneficial owner. To do this, we gather the following:

  • Full Name
  • Role or Title
  • Social Security Number
  • Home address
  • Date of Birth
  • Photo ID

Read more...

 

 

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