Currency Onboarding

Before a customer can have an account in a particular currency, they must first be onboarded to it.

Currency onboarding is a separate step that takes place after the customer has been created and has reached an Approved or Auto-approved status. During this process, Lorum verifies that the customer meets the banking requirements specific to the selected currency.

Each supported currency has its own onboarding requirements, which may include additional customer information, supporting documents, or shareholder information. Successfully completing currency onboarding enables the customer to open accounts and perform financial operations in that currency.

Currency onboarding is performed instantly. It is an automated validation that checks whether the customer meets the requirements for the selected currency and does not require a separate manual review or approval.

A customer can be onboarded to multiple currencies independently. For example, a customer may be onboarded to AED but not yet onboarded to USD. Currency onboarding only needs to be completed once per customer for each currency.

Supported Currencies