When creating legal entities and business lines, see the possible values for FATCA/CRS, industry codes, and source of funds.
Requirements
If you have an Adyen for Platforms integration, there are no additional requirements, limitations, or preparations.
FATCA/CRS
Under FATCA and CRS legislation, Adyen NV as a licensed Dutch Financial Institution is legally required to both:
- Identify its financial account holders.
- Report details of reportable financial account holders to the relevant tax authorities.
To open a financial account with Adyen, you must provide additional information about yourself or your entity. To determine if your account is reportable under FATCA or CRS, Adyen requires a self-certified FATCA/CRS qualification. After you complete the self-certification, no further action is required unless your information changes.
FATCA/CRS self-certification is not required for US-based legal entities applying for US business bank accounts.
Industry codes
As a financial institution, Adyen has a legal obligation to collect information about the line of business from your users. This is done by capturing Industry Codes (ICs). You are required to provide industry codes for your users when requesting business accounts.
These codes can represent either:
- The industry that your user is operating in and uses Adyen to process their payments through your marketplace
- For business account users, the industry in which the user is registered based on their local registry (for example, chamber of commerce or secretary of state)
Industry codes have been mapped to merchant category codes (MCCs) and adapted based on our internal regulations. For some industries, Adyen requires approval before onboarding users. Select an IC that best represents your user's business activity:
To submit this information to Adyen, make a POST /businessLines request specifying the industry code that most accurately represents the business activity of the user.
After collecting industry codes, Adyen also makes this data available for you, in case you want to gain insights on your marketplace users.
To offer business accounts to users in any new industries that were not part of the previous approval process, you must reach out to your Adyen contact or our Support team.
Source of funds list
The following are the values that Adyen accepts for the source of funds, and the information required for each type. To submit this information, make a POST /businessLines request.
| Type of source of funds | Required information | |
|---|---|---|
| Business (profits generated from commercial activities) | Specify that their main source of funds is the payments acquiring business with Adyen. |