What is a Business Verified Customer Record (VCR)?

Jul 22, 2025
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Title
What is a Business Verified Customer Record (VCR)?

Summary
Verified Customers are customers who have had their identity verified on the Dwolla Platform and are eligible to hold a Dwolla Balance. In every transfer initiated through the Dwolla Platform, at least one party must be a Verified Customer. Think of the Dwolla Balance as a wallet within the Dwolla Network, which allows a Verified Customer to hold, send or receive funds.

There are two types of Verified Customers: Personal or Business.

A Business Verified Customer is an entity using a business bank account to send and receive transfers.

To become a Business Verified Customer, the entity will undergo Customer Identification Program (CIP) verification. This means, the user establishing the business’ Dwolla account will be required to provide information about the business entity. Additionally, the business must certify ultimate beneficial ownership, which requires the business to identify (and Dwolla to CIP verify) its beneficial owners, which means:

One Controller, which means any natural individual who holds significant responsibilities to control, manage or direct a company or other corporate entity (i.e. CEO, CFO, General Partner, President, etc), and
Any natural person who, directly or indirectly, owns 25% or more of the equity interests of the company.

Dwolla has simplified the build to onboard this customer type in our API with our low-code solution, drop-in components.

A Business Verified Customer will need an Account Admin to sign up the company during the onboarding process. Business Verified Customers can hold a balance, have a default $10,000 transaction limit and transact with all customer types.

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