Track the legal person lifecycle status with a new attribute

What's changed?

We've introduced a new legal-person-status attribute that gives you better visibility and control over the legal person lifecycle. This new status field clearly shows where each legal person is in their journey with Griffin. You can use this for internal operations and to help your customers understand where they are in the onboarding journey if necessary.

What are the statuses?

Legal persons now have clear status indicators throughout their lifecycle:

• Onboarding - The legal person has submitted an application and is going through the onboarding process

• Onboarded - The application has been accepted through an onboarding workflow. The legal person can open bank accounts and be added as a member of pooled accounts

• Onboarding declined - The initial application was declined during the onboarding process

• Verified - The legal person was added to the system using a workflow that verifies some of their details but does not constitute a full onboarding process. They can't open bank accounts or be members of pooled accounts

• Restricted - The legal person was declined after being onboarded or verified. They can't open new bank accounts or be added to pooled accounts

What's the difference between Onboarded and Verified?

Onboarded legal persons have gone through our full onboarding workflow and have complete access to banking features. Verified legal persons have had some of their details verified through a different, lighter process and therefore exist in the system but can't access banking features.

Can statuses change?

Yes, but with some important rules:

• Once a legal person is Onboarded, they won't return to Onboarding status

• Verified legal persons won't return to the Onboarding status

• Restricted legal persons can return to either Onboarded or Verified status if their situation changes

How will this affect existing integrations?

This does not impact existing integrations. You can start using the legal-person-status field to better manage your legal person workflows and provide clearer feedback to your customers about their application status.

Questions?

We're here to help. Just reach out at support@griffin.com or get in touch with your Customer Success manager.

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