A Technical Introduction to Stellar Protocol SEP 9

A Technical Introduction to Stellar Protocol SEP 9

Posted By : Harshit Sharma | 27-May-2020

Introduction

 

Before accepting the deposit and withdrawal of FIAT of an organization based on stellar, we are required to obtain KYC information from the user. There are two possible ways to collect information. One is interactive and the other is non-interactively.

 

Interactive KYC

In interactive KYC, users have to fill information on a webpage hosted under your organization. When the wallet pings the server, it responds with a URI that opens a form. 

 

Non-interactive KYC

 

It allows the user to enter the required information into the wallet interface itself. When the wallet pings the server then it responds with required fields from the list of fields specified in SEP - 9. It is more customer-friendly.SEP-9 defines the list of KYC and AML fields which is required in the stellar protocol.

 

Rather than taking input, again and again, it allows the wallet to collect KYC information as per user and share with the issuer when needed. The organization needs to setup /customer endpoint on the wallet which can be further used by the user to upload KYC information. It allows uninterrupted flow for withdrawing and deposit.

 

KYC/AML fields

KYC/AML fields are divided into 2 categories.

User KYC fields

 

Name

Description

family_name/last_name

Last name of the user

given_name/first_name

First name of the user

address_country_code

Country code for current address.

mobile_number

The contact number of user

email_address

Email of the user.

bank_account_number

Account number of user

bank_number

Identification number of bank

tax_id

Tax identifier of the user

photo_id_front

Photo of the front side of the user’s ID card

photo_id_back

Photo of the backside of user’s ID card

 

Organization KYC fields

 

Name

Description

name

Name of the organization

VAT_number

VAT number of organization

registration_number

Registration number of Organization

number_of_shareholders

The total number of shareholders.

photo_proof_address

Photo identification URI of organization

email

Email of organization

phone

Contact of the organization

website

Website URL of the organization

photo_incorporation_document

Document of organization.

 

NOTE: All the fields will be followed by ‘organization.’

 

Addresses

 

Address formatting will vary from country to country. Address fields are fairly universal and encoded with country_code, state_or_province, etc and full address can be added by the user in ‘address’ field with the efficient parsing of it by fields like country, postal_code, city, etc. Above mentioned list of possible fields can be used according to the use cases. 

 

Conclusion

 

In this blog, we learned about the stellar protocol 9. This for the KYC process. It helps us to understand the flow of KYC and the type of KYC flow along with AML.

 

Reference

For official document - https://github.com/stellar/stellar-protocol/blob/master/ecosystem/sep-0009.md

 

About Author

Harshit Sharma

He is a MEAN Stack Developer with problem solving attitude. He is efficient in API Development and always ready to learn new technologies in Web Development.

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