To provide global payments Rail is obligated by regulators and partners to understand its customers (KYC), corporate customers (KYB) and transactions (KYT). AWhen questions arise related to any of those aspects, we issue a Request for Information (RFI) to gather the necessary details to resolve them.
A request for information (RFI) is when Rail requests additional information, documents and/or context for a payment.
An RFI may relate to one or more entities.
- Customer - an entity onboarded to the Rail platform sending and/or receiving funds.
- Counterparty - an entity external to the Rail platform sending and/or receiving funds.
- Operation - a payment or money movement from one account to another.
RFI Policy
For more information on RFI's please see our RFI Policy.
- Information RFIs - Information RFIs relate to requests that require text responses that provide additional context or detail entities or transactions. Examples would be to provide more detailed information into a customer, the nature of a transaction and/or the relationship between two counterparties.
- Document RFIs - Document RFIs relate to requests that require documents to be uploaded that serve as proof of stated information such an entities existance, where someone lives and/or whether a payment has occured.
| Example | Request |
|---|---|
| Customer Information | Provide information related to a specific customer. |
| Counterparty Information | Provide information related to a specific counterparty. |
| Relationship Information | Provide information related the relationship between two entities. |
| Activity Information | Provide information related to historic activity. |
| Payment / Transaction Information | Provide information related to payments / transactions. |
| Proof of Existance | Provide a valid proof that a company exists / is incorporated. |
| Proof of Identity | Provide a valid proof that an individual is who they say they are. |
| Proof of Address | Provide a valid proof of that this entity or individual is based at an address. |
| Proof of Source of Funds | Provide a valid proof of that this entity's financial standing is aligned with its behaviour. |
| Proof of Regulation | Provide a valid proof that a company is regulated. |
| Proof of Operations | Provide a valid proof that a business is currently operating. |
| Proof of Payment | Provide a valid proof of that a payment occured e.g an invoice or receipt. |
| Proof of Relationship | Provide a valid document that confirms the existance of a relationship between two entities. |
Detailed workflows and sequence diagrams describing how to handle and automate RFIs related to different entities or operations. For more infomation, see Withdrawals RFIs.
| Best Practice | Description |
|---|---|
| Upload Documents BEFORE Sending | When executing an operation, upload documents that provide more contect, especially that will answer any potential RFIs. E.g. if a withdrawal relates to an import / export payment, you should upload the relevant Bill of Lading BEFORE Accepting Operations |
| Question | Answer |
|---|---|
| Can I get RFI'd on history, completed operations? | Yes. Rail may RFI on old transactions in order to understand a customer and their actvitity more deeply to improve the customer's future experience. |
| Do crypto operations get RFI'd? | Yes. Rail may RFI entities or activity that happens on a blockchain or is related to digital assets. |