Glossary
Passfort terms
- Alias
Aliases are used instead of the product ID, task ID, and check ID when you make calls to the API. Every product, task, and check can have an alias.
- Application flag
The application flag indicates what's currently happening to the product application or what needs to be done for the product application to progress to the next status.
- Application status
The application status indicates what phase the product application has reached in the onboarding and monitoring process.
- Audit report
The audit report lists the actions that took place on a profile.
- Beneficial owner
One or more individuals who own or control a corporate entity.
- Check
The automated processes that can be used to complete or assist in passing tasks.
- Controlling shareholder
A significant shareholder identified in the path between the onboarded company and its ultimate owner.
- Conversion rate
The percentage of product applications created that have been approved.
- Data provider
The service used to provide data for checks, for example, GBG ID3global, Companies House, or Onfido.
- Distance
The number of entities between the associate and the onboarded company.
- Form
A form consists of one or more questions and can be used to gather information about a profile or to collect a document to run a check. Forms can be internal or external as part of a customer request or registration flow.
- Global ultimate owner (GUO)
The entity with ultimate ownership of the onboarded company.
- Legal entity identifier (LEI)
A legal entity identifier is a 20-character, alpha-numeric code that is used to identify legal entities participating in financial transactions, supported by the Global Legal Entity Identifier Foundation (GLEIF).
- Onboarding
The process of determining whether a profile is approved to use your products.
- Politically exposed persons (PEPs)
A politically exposed person is someone who is at a higher risk of bribery or corruption because they may hold a public or high-profile position. This term may also apply to someone affiliated with a high-profile person. Regulated industries must identify PEPs when onboarding.
- Product
A product or service that profiles can apply for, such as a current account or credit card.
- Product application
The process of onboarding profiles to products. A profile may be going through multiple product applications at the same time.
- Profile
The applicants or customers currently going through your onboarding processes. One profile is created per applicant or customer.
- Profile type
There are two profile types: individual profiles, which are used for people, and company profiles, which are used for companies.
- Risk level
A label assigned to a product application based on its total risk score. The risk level can be high, medium, or low.
- Shareholder
An individual or entity that owns shares in the onboarded company.
- Smart policy
The rules that determine which onboarding tasks are required for a profile during a product application, for example, verify an individual’s identity.
- Task
The due diligence measures that must be taken to onboard a profile successfully. Tasks are displayed on the profile’s product application.
- Taxpayer identification number (TIN)
A unique identifier assigned to an individual or entity used to identify an individual or entity in order to administer tax laws of a particular jurisdiction.
- User
The people who have access to your Passfort account. These are typically the people you work with.
- Waterfall
When configuring an automatic check for a task, you can specify that if your preferred data provider returns an error, returns a partial error, or the check fails, another data provider is tried. This is called waterfalling your check.