Customers: How It Works in Lorum

A customer is the core entity within the Lorum platform. It represents the individual or business on whose behalf accounts are created and financial operations are performed.

All customer-related activity in Lorum is linked to a customer record, including accounts, transactions, documents, and currency onboardings. Before a customer can hold an account or have payments initiated on their behalf, they must first be created in Lorum, approved, and successfully onboarded to the relevant currency.

Customer records contain the information required to identify and verify the customer, including personal or business details, addresses, supporting documents, and expected transactional activity where applicable. The exact requirements depend on the customer type and the currencies they are being onboarded to.

Lorum supports two customer types:

• Individual - a person that you onboard to Lorum.
• Business - a corporate entity that you onboard to Lorum.