The product application lifecycle
The process of determining whether a profile is approved to use your products is called onboarding. It begins as soon as an application is added to a profile.
During onboarding, a series of due diligence tasks are added to the application.
The tasks aim to ensure the profile intends to use your product for legitimate purposes. Examples of tasks include verifying the profile's identity, verifying the profile's bank account, and assessing whether the profile has any sanctions.
The profile must pass all its tasks for an application to be approved.
In Passfort's risk module, you can configure the smart policy to add tasks based on how much risk the profile's product application poses to your company. Typically, a higher risk level means that the profile will need to pass more tasks for their application to be approved.
If the profile is approved to use your product, the product application moves into the monitoring process.
During the monitoring process, the product application is continually reviewed to ensure the profile still meets the requirements of the due diligence tasks.
If the profile no longer meets the requirements of a task, or if a new task is added to the product application, the application goes into review.
Product applications that are in review need to have their incomplete tasks passed before they can be approved again. If the application is approved again, it goes back into monitoring.
If a product application is not approved
If the profile does not pass the onboarding tasks, their application is rejected. This means the profile should not be granted access to your product.
If the application is initially approved but goes into review and the profile doesn't pass the incomplete tasks, the application is canceled. This means the profile should no longer have access to your product.
If the application is rejected or canceled, this is the end of the lifecycle in most cases. However, it is possible to revert either decision manually. If a decision to reject an application is reverted, the application goes back to the onboarding process. If a decision to cancel an application is reverted, the application goes into review. Either way, the profile must pass any failed or incomplete tasks before their product application can be approved.