Adding users is quick and easy. Here are some tips to help ensure you maximize your success every time.
Underwrite your users
While not mandatory, we always recommend you underwrite your users. Ensure you have the proper documentation to support new users and that they are cleared to use any level of access you give them.
If you use aggregation to add users, you have automatic access to a wealth of information to help make your decision.
Remember, a user who has not been properly vetted can pose a threat to your business. For best practices on how to vet your users, we recommend visiting the Government of Canada FINTRAC website.
Have a backup plan for your aggregation flow
Zum Rails has an amazing option that allows you to add users through aggregation. This means that you can see their financial data and make informed decisions.
If your user cannot be added through aggregation, make sure to have a manual backup. You can add the user manually through your portal or the API using a blank cheque or any other method you use to collect banking information.
Users going through aggregation must accept PAD. If a user goes through a manual or an API process, you will need to handle the PAD agreement on your side.