Quick Start: Individual Accounts

sFOX aims to provide a clear and seamless onboarding experience for our partners and end users alike.

This guide is designed to provide helpful information related to our new and improved onboarding flow; giving partners increased transparecy as to the exact items that must be acted upon in order for their customers to be onboarded onto the sFOX platform.

Overview

The onboarding flow onto the sFOX platform centers around two concepts: tiers and requirements. Let's define these terms for ease of communication:

• Tier: the degree to which an account can engage on the sFOX platform as it relates to funding and trading activity. At the moment, sFOX has two tiers: Tier 1 and Tier 2. A Tier 2 account has an elevated level of engagement compared to Tier 1.

• Requirements: the items that must be satisfied to achieve a tier, classified as either completed, current, or future .

Interacting with Tiers and Requirements

Partners interact with the sFOX platform via REST API and websocket messages to create an account and understand an account's onboarding progress.

At a high level, it is a 3-step process to onboard an individual end user account as defined below:

Step 1: Create the End User Account

Like any financial platform, a new end user will access a partner's website or mobile app and submit personally identifiable information (PII) used for know-your-customer (KYC) purposes.

Once the partner captures PII information from the end user, it should be sent via API to create the account in the sFOX platform.

Note, sFOX does have required information needed to create the end user's account which is defined in the hyperlink above.

Step 2: Observe Requirements

Based on the information provided to sFOX upon creating the end user's account, requirements will be evaluated and classified into one of three categories:

• Current: one or more requirements that must be satisfied to obtain the very next tier. Generally, brand new accounts start at Tier 0 and work towards Tier 1.

• Completed: one or more requirements that have already been satisfied.

• Future: one or more requirements that are "next up" after the current requirements have been satisfied in order for the account to obtain the next tier (Tier 2), if so desired.

Requirements Needed for Tier 1 + Tier 2

Below are the requirements that must be satisfied to obtain Tier 1 and subsequently Tier 2.

While US and non-US accounts must satisfy the same set of requirements, how each requirement is satisfied is slightly different based on the citizenship of the end user.

Tier 1 Requirements

Requirement	How to Satisfy
Email verification	Request and submit OTP code
Phone Number verification	Request and submit OTP code
Identity Information	US End User: sFOX will attempt automatic verification; if automation is not successful must provide a document upload Non-US End User: must provide a document upload
Proof of address	US End User: sFOX will attempt automatic verification; if automation is not successful must provide a document upload Non-US End User: must provide a document upload

Tier 2 Requirements

To obtain Tier 2 for a given account, Tier 1 requirements must be satisfied and the below information must be provided:

Requirement	How to Satisfy
Source of Funds	Either on the POST during initial account creation or a PATCH to update the account after initial account creation
Expected Use	Either on the POST during initial account creation or a PATCH to update the account after initial account creation

What is Source of Funds and Expected Use Information?

• Source of funds: Primary source for the funds being transferred to the account

• Employment status: End user’s employment status

• Occupation: End user’s primary occupation

• Intermediary Status: Is the end user receiving or sending funds on behalf of someone other than themselves?

Expected Use

• Expected Transfer Volume: Expected monthly USD notional amount to be transferred (sent / received)

• Expected Trade Volume: Expected monthly USD notional amount to be traded

As a reminder, these attributes can be provided during initial account creation or subsequently via update end user

Step 3: Monitor for Updates

It is important that partners subscribe to the onboarding websocket feed. This ensures asynchronous updates - especially for requirements that are satisfied via document upload - are observed by the partner in a timely fashion.

For context, when a document is uploaded for the purpose of satisfying a requirement, the sFOX team will review the document and either accept it or not.

The act of accepting a document will trigger the sFOX system to update the end user's requirements and emit a websocket message, thereby informing the partner of the update - and in many cases, incrementing the account's tier as well.

Example

Newly Created Account - No Requirements Satisfied

Below is the response from sFOX for a new end user account - the end user's PII could not be verified automatically.

As such, the end user (partner) must upload two documents: one to satisfy the proof_of_address requirement and another for the identity_info requirement.

Note the future requirement for identity_verification. This requirement represents an image of a identity document (passport, etc) compared to the identity_info requirement, which is simply the information contained in many identity-type documents, such as first name, last name, etc.

Note, the future requirements are not absolutely needed to be acted upon unless this end user wishes to be Tier 2.

However, it is advisable that partners ask for source of funds and expected use information during initial onboarding for a more streamlined experience in the event Tier 2 is desired.

 "data": {
        "user_id": "client_id_100",
        "status": "PENDING",
        "tier": 0,
        "requirements": {
            "email": true,
            "sms": true,
            "current": [
                "email",
                "phone_number",
                "proof_of_address",
                "identity_info"
            ],
            "future": [
                "identity_verification",
                "proof_of_source_of_funds",
                "expected_use"
            ],
            "completed": []
        }
    }

Requirements are Satisfied - Email and Phone Number

As the account's email and phone number are verified via OTP code, the corresponding requirements will become satisfied.

This progression is reflected in the GET End User endpoint:

{
    "data": {
        "account_type": "individual",
        "account_role": "Client",
        "user_id": "client_id_100",
        "advisor_user_id": null,
        "email": "[email protected]",
        "first_name": "Craig",
        "last_name": "sFOX",
        "phone_number": "[phone]",
        "tier": 0,
        "requests": [],
        "account_purpose": "investing",
        "account_purpose_other": null,
        "source_of_funds": null,
        "source_of_funds_other": null,
        "id": "126c381a-2c6d-11f1-97c3-0251c71a6fcb",
        "phone_country_code": "US",
        "intermediary_status": false,
        "expected_transfer_volume": null,
        "expected_trade_volume": null,
        "individual": {
            "dob": "1988-10-01",
            "residential_country_code": "US",
            "residential_address": "1700 Main Ave",
            "residential_city": "Chicago",
            "residential_state": "IL",
            "residential_postal_code": "60622",
            "id_type": "ssn",
            "id_number": "*****6789",
            "id_country_code": "US",
            "employment_status": null,
            "industry": null,
            "occupation": null,
            "job_title": null
        },
        "status": "PENDING",
        "requirements": {
            "email": false,
            "sms": true,
            "current": [
                "proof_of_address",
                "identity_info"
            ],
            "future": [
                "identity_verification",
                "proof_of_source_of_funds",
                "expected_use"
            ],
            "completed": [
                "email",
                "phone_number"
            ]
        }
    }
}

Wrapping Up

This quick start guide is not intended to be fully comprehensive, but rather demonstrate the paradigm of how tiers and requirements are used in-tandem to provide transparency and "next steps" for partners and end users alike.

For further questions, please do not hesitate to contact the sFOX team to get you up and running.