Know-Your-Business (KYB) Verification
KYB, short for Know-Your-Business, is a robust tool offered by Camino Network that effectively addresses two significant challenges in the digital travel sector: authenticity and transparency. Taking inspiration from platforms like Twitter, which have implemented verification processes to counter bot manipulation, KYB serves as a Unique Value Proposition in the travel industry. It fosters trust, enhances security, ensures compliance, and unlocks new business opportunities for all participants within the consortium.
Why choose Know-Your-Business (KYB) for the Camino Network?
Verification of player authenticity
KYB offers an additional layer of security and trust by verifying the authenticity of players. It ensures that the businesses or individuals you engage with are indeed who they claim to be. In industries where trust and credibility are crucial, KYB can be a game-changer.
Enhanced reliability of network participants
KYB proves invaluable when conducting highly secure transactions. For instance, when booking a hotel stay, users can have peace of mind by ensuring that the recipient wallet is KYB verified, adding an extra level of trust to the process.
Compliance with regulatory requirements
KYB goes beyond building trust and authenticity; it also addresses regulatory compliance. Many countries enforce rigorous due diligence for businesses involved in exchange transactions, making KYB a necessary step in such jurisdictions.
Improved efficiency in B2B exchanges
KYB streamlines the due diligence process in B2B exchanges. Instead of conducting multiple checks with various partners, KYB enables one-time verification, resulting in increased efficiency.
How can I achieve KYB Verification on Camino Network?
KYB verification on Camino Network is facilitated through Sumsub, a trusted third-party verification partner. The KYB verification process closely resembles the Know-Your-Customer (KYC) process.
1. Initiate KYB Verification
To begin the KYB verification process, click the "Verify KYB" button located in the dropdown menu on the top right-hand side. This will open the KYB verification window.
2. Provide Email & Phone Number
Enter your email address and phone number, and then click the Submit button.
3. Enter Company Details
Fill in your company name, registration number, and select the country. You will also need to upload the certificate of incorporation or a recent excerpt from a state/company registry. Click Next to proceed.
4. Provide Director Information
On the next screen, enter the details of the company director. Ensure that the information is accurate, as it will be used for the director's verification. If you are the director, you can click "Start Verification Now" (this will open in a new tab), or you can share the verification link with the director.
Click the Next button below to continue. The button will be enabled once you click either "Start Verification Now", "Send link via email", or "Copy link".
The next screen will display the saved director information. If needed, you can add information for another director.
5. Enter Representatives Information
On the subsequent page, you will be required to enter the information of the company's representatives. You can either provide details for another representative or use the director's information as a representative.
For this tutorial, we will use the same information. Repeat the steps outlined in step 4 and click Next when finished.
6. Review Your Information
A summary of your application information will be presented. Review it carefully, and when you are ready, click Submit.
7. Wait for Verification
Your application has been saved and is currently under review by Sumsub. Please note that it may take up to one business day for the application to be approved. You will receive notifications at the provided email address.
Please note that KYB is currently in beta launch, which means that the verification process may take longer than one day to complete. Additionally, it may involve multiple email exchanges to ensure accurate submission of all required documentation.
8. Enjoy KYB Verification
Once your application is approved, you will receive the KYB Verified badge. You can access it from the dropdown menu on the top right-hand side.
MORE ON KYB
If you would like to learn more, check out our guide on how to query the KYC/KYB state on the EVM compatible C-Chain: How to Query KYC/KYB States on C-Chain