This article is part of a collection of articles regarding your transition to our new UK banking provider.
As part of your transition to our new payment service provider for the UK, you need to review and update your company information.
1️⃣ For Organizations
In general, to onboard an organization, our partner must collect:
The legal name of the organization
The registration number
The registered address and the principal place of business, if different from their registered address
The ultimate beneficial owners, controllers, and signatories
The bank account for payouts
Ultimate beneficial owners, controlling persons, and signatories
As part of the checks for an organization, our new banking provider also verifies the identity of all individuals that are associated with the organization. We refer to these individuals as ultimate beneficial owners (UBOs) through ownership or control, directors, and signatories.
Criteria to identify UBOs, controlling persons, and signatories
The table below describes the criteria for identifying them, and the minimum required number for each.
Who | Criteria | Required number of individuals |
UBOs through ownership | Individuals who directly or indirectly own 25% or more of the total shares, voting rights or other equity in the organization. | Between zero to four. |
UBOs through control | Any individuals who exercise ultimate effective control in making decisions for the whole organization. If such an individual cannot be identified, then members of senior management must be identified as UBOs through control. | At least one. Required if no one fits the criteria of UBO through ownership, or if the organization is operating in the United States. |
Signatories | Officers or representatives who legally represent the organization towards Adyen and are authorised to enter a binding agreement with Adyen on behalf of their organization. | At least one. |
Directors | Only applicable if the legal entity of the organization is located in Australia, Canada, Hong Kong, New Zealand, or Singapore. A natural person responsible, individually or collectively as part of a board, for the overall governance and strategic direction of an organization. | Every director of the company. |
Which documents are required?
Organization's details | Is the information required? |
Legal Name | Required |
Doing Business As | Only required when different from the legal entity name and used in the business relationship with our banking partner |
Registration Number | Required |
VAT Number | Required |
Organization Type | Required |
Document type | Recommended |
Document owner | Recommended |
Document attachment | Recommended |
Document description | Recommended |
Registered address | Is the information required? |
Country | Required |
City | Required |
Postal Code | Required |
Street | Required |
Principal place of business | Is the information required? |
Country | If the registered address is a PO box |
City | If the registered address is a PO box |
Postal Code | If the registered address is a PO box |
Street | If the registered address is a PO box |
Street 2 | If the registered address is a PO box |
Bank details | Is the information required? |
Bank Type | Required |
Account Number | Conditionally required |
Sort Code | Conditionally required |
Bank Name | Recommended |
IBAN | Conditionally required |
Document type | Required for payouts |
Document owner | Required for payouts |
Document attachment | Required for payouts |
Document description | Required for payouts |
Entity association | Is the information required? |
Association Type | Required |
Job Title | For UBOs through control and authorized signatories |
Business line platform model | Is the information required? |
Industry Code | Required |
Sales Channels | Required |
Web Data | Required excepted for pos and posMoto |
Business line banking | Is the information required? |
Industry Code | Required |
Web Data | Provide Web Data Exemption if not applicable |
Source of Funds Type | Required |
Adyen Processed Funds | Required |
Tax Reporting Classification - Type | Required |
Tax Reporting Classification - Business Type | Required |
Tax Reporting Classification - Main Source of Income | Required |
Organization - Tax Number | Required |
Organization - Tax Country | Required |
Organization - Tax Type | Required |
Individual - Tax Number | Required |
Individual - Tax Country | Required |
2️⃣ For Individuals
Which documents are required?
Name | Is the information required? |
Last Name | Required |
First Name | Required |
Personal data | Is the information required? |
Date of birth | Required |
Document type | Recommended |
Document owner | Recommended |
Document attachment | Recommended |
Document description | Recommended |
Residential Address | Is the information required? |
Country | Required |
City | Required |
Postal code | Required |
Street | Required |
Street 2 | Recommended |
Contact details | Is the information required? |
Required if the individual is the main legal entity or an authorised signatory for an organization | |
Phone type | Required if the individual is the main legal entity or an authorised signatory for an organization |
Phone number | Required if the individual is the main legal entity or an authorised signatory for an organization |
Bank details | Is the information required? |
Bank type | Required |
Account number | Conditionally required |
Sort code | Conditionally required |
Bank name | Recommended |
IBAN | Conditionally required |
Document type | Conditionally required |
Document owner | Conditionally required |
Document attachment | Conditionally required |
Document description | Conditionally required |
Entity association | Is the information required? |
Association type | Conditionally required |
Business line platform model | Is the information required? |
Industry code | Required |
Sales Channels | Required |
Web Data | Required except for pos and posMoto |
Business line banking | Is the information required? |
Industry code | Required |
Web Data | Conditionally required |
Source of Funds Type | Required |
Adyen Processed Funds | Required |
Tax Number | Required |
Tax Country | Required |
Tax Type | Required |