Persons

A Person entity in Prime API represents an individual associated with an Application, typically the individual applying or a Beneficial Owner (any person who owns or controls more than 25% of the business). Developers integrating with Prime will work with Person entities to capture and manage detailed information about loan applicants and Beneficial Owners, including their identity, contact details, and financial profile. Each Application must have at least one primary Person entity representing the Borrower (ie. the business).

The Person entity stores comprehensive information required for loan decisioning and screening (including KYC*). This includes personal identifiers like name, date of birth, tax identification number(s), contact information such as email and phone numbers, employment details, and address history. The data structure is designed to support regulatory compliance and fraud prevention, while also facilitating accurate credit assessment. All sensitive data is encrypted both in-transit and at rest.

Partners interact with Person entities through the Application related endpoints in Prime API. When creating a new Application, the primary applicant details can be included and a Partner can add additional people to the Application by updating it. A Partner can also retrieve and update additional Persons’ (e.g. Beneficial Owners) information as additional details become available during the application process. The Person entity is tightly coupled with the related Application; there is not the ability to modify Person records independently. Instead, all operations on Person entities are performed in the context of managing an Application, ensuring data consistency and proper relationship maintenance throughout the Application process. All changes and revisions of the Application are captured and stored for audit and regulatory purposes.

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KYC* : "Know Your Customer" is a mandatory process where Prime verifies the identity and assess the risk profile of the individuals linked to the business asking for funding. This due diligence procedure helps prevent fraud, money laundering, and terrorism financing while ensuring compliance with financial regulations and laws. Details of Prime’s KYC program can be requested through Prime’s Compliance department.