Banking is a heavily regulated sector with mandatory requirements from governmental authorities necessitating banking and other financial institutions to hold full information about their customers - regardless of whether they are individuals or businesses
Real-time payments are a game-changer for small businesses, allowing for the instant transfer of money directly between accounts. Because of this, Forwardly requires verification of both beneficial owners and businesses in order to complete payments for them. Verification is a vital step to safeguard the financial interests of all of our users and to prevent fraudulent activity. It's important to us that we prevent online scams by rooting out bad actors trying to take advantage of the system.
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It's also important to note that Forwardly has a guest payment option, which can be used by fully verified businesses to allow their clients to pay them or to help their vendors get paid. Guest payments are not instant and have a maximum payment volume of $15,000.