Individual Account Opening
A step-by-step guide to the individual customer account opening process using the FinHub API
Individual Account Opening
This guide walks you through the process of creating and verifying individual customer accounts using the FinHub API. The individual account opening process involves several steps including customer creation, identity verification, and account activation.
Overview
The individual account opening process follows these main steps:
- Create an individual customer profile
- Verify the customer’s identity (KYC)
- Activate the customer’s account
- Create financial accounts for the customer
Complete Flow Sequence
The following sequence diagram illustrates the complete individual account opening process, including both automated and manual verification paths:
Note: Approximately 90% of KYC verifications are approved automatically through the system’s verification algorithms. The remaining 10% require manual review by compliance officers through the Business Control Panel.
Prerequisites
Before starting the individual account opening process, ensure you have:
- Valid API credentials for the FinHub platform
- Completed the authentication process
- Required customer information (personal details, contact information, etc.)
- Appropriate permissions to create and manage customer accounts
Step 1: Create Individual Customer
The first step is to create an individual customer profile with basic information.
API Request
Request Body
Response
Step 2: Verify Customer Identity
After creating the customer profile, you need to verify their identity through the KYC process.
API Request
Request Body
Response
Step 3: Upload Identity Documents
Upload the required identity documents for verification.
API Request
Request Body
Response
Step 4: Check Verification Status
Periodically check the verification status until it’s completed. Note that verification can follow two paths:
- Automated Verification (90% of cases): The system automatically verifies the documents and approves the customer
- Manual Review (10% of cases): Documents are flagged for manual review by compliance officers in the Business Control Panel
API Request
Possible Responses
Automated Approval
Manual Review in Progress
Manual Approval
Step 5: Activate Customer Account
Once verification is complete, activate the customer account.
API Request
Response
Step 6: Create Financial Account
Create a financial account for the customer.
API Request
Request Body
Response
Error Handling
The API returns appropriate HTTP status codes and error messages when issues occur. Common error scenarios include:
HTTP Status | Error Code | Description |
---|---|---|
400 | INVALID_REQUEST | The request body is invalid or missing required fields |
409 | DUPLICATE_EMAIL | A customer with the provided email already exists |
422 | VERIFICATION_FAILED | The customer verification failed |
403 | INSUFFICIENT_PERMISSIONS | The API key doesn’t have permission to create customers |
Example Error Response
Best Practices
- Validation: Validate customer information before submission to avoid errors
- Error Handling: Implement robust error handling for all API calls
- Verification Status: Implement a polling mechanism to check verification status
- Security: Store customer IDs securely and never expose them to end users
- Compliance: Ensure all collected customer data complies with relevant regulations (GDPR, etc.)
Next Steps
After successfully opening an individual account, you can: