Businesses

A Business entity in Prime API represents a commercial entity that is associated with an Application. When using Prime API, a Business entity is used to capture and manage information about the company seeking the financing.

The Business entity maintains comprehensive company information required for decisioning and screening (KYB*). This includes the legal business name, registration details, tax identification numbers and business structure (e.g. llc, corporation).

Business entities are managed through Application related endpoints. Once an Application has been created, the object may be enriched with additional information as it becomes available during the Application flow. The latest Business information on record may be retrieved through the Application entity. Like the Person entity, a Business is always associated with an Application and cannot exist independently. All changes to Business data must be made within the context of managing an Application, ensuring proper data relationships and validation throughout the loan application process and beyond.

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KYB* : "Know Your Business" a process involves thorough verification of business legitimacy through document collection (licenses, registrations, financial statements), ownership structure analysis (identifying BOs, beneficial owners and key management), regulatory compliance checks (sanctions screening, PEP checks), and risk assessment. Prime examines the business's information, financial health and industry-specific risks while maintaining ongoing monitoring to ensure continued compliance and risk management, all in a transparent manner for you. Details of Prime’s KYB program can be requested through Prime’s Compliance department.