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An Entity represents a verified person or business on Otim. Entities are created through a KYC (Know Your Customer) or KYB (Know Your Business) verification process and are scoped to the Platform that created them. Entities exist because certain financial operations require a verified identity behind them. While Accounts can function on their own for on-chain operations, an Entity is what bridges the gap between on-chain and off-chain finance.

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What verification unlocks

Before an Entity is verified, it is essentially a placeholder with a pending status. Once verification is complete, the Entity unlocks three key capabilities:
  1. Fiat deposit rails. A verified Entity can be issued an IBAN, which allows it to receive fiat deposits that automatically route into a linked Account.
  2. External transfer destinations. A verified Entity can create Counterparties, which are external wallet addresses or bank accounts that funds can be sent to.
  3. KYC-gated flows. Some operations on Otim require a verified identity by design. Having a verified Entity attached to an Account ensures those flows are available.

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Entity types

An Entity can represent either an individual person or a business. The verification process differs depending on the type:
  • Individual: Goes through KYC, which typically requires personal identification documents.
  • Business: Goes through KYB, which typically requires business registration documents and beneficial ownership information.

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Relationship to Accounts

An Entity can own multiple Accounts. This lets you model real-world structures where a single person or business manages several financial accounts for different purposes. Linking an Entity to an Account is optional, but once linked, that Account inherits access to the Entity’s fiat rails and counterparties.