We require yearly updates on the personal or business profiles, which can be sent when a user accesses the Wise integration and you generate an access token. If any user data has changed within the previous year then the profile information at Wise must be updated, or you must let us know nothing has changed. Change of address, name change due to marriage, etc. are some common scenarios when this data may change. If easier, you can send this data with every transfer rather than yearly.
The way this needs to be implemented is the following:
Open update window. Open the update window for profile updates.
Update personal profile. Update the personal profile data including the address.
Close update window. Close the update window for profile updates.
Open update window. Open the update window for profile updates.
Update business profile - general data. Update the business profile data.
Update business profile - address data. Update address information of the business profile.
Update business profile - directors data. Update directors information in the business user profile.
Update business profile - UBO data. Update ultimate business owners information in the business user profile.
Close update window). Close the update window for profile updates.
There are several valid approaches on how to implement this from the bank side.
We recommend storing the most recent date that you updated the data for each personal/business profile and each time you get an access token for that user you can check against this date whether it's been more than one year since the profile was last updated. If it has been over a year, you should open the update window, perform the update profile steps and then close the update window.
Do keep in mind that we require the update window to be opened and closed even if there were no changes to the profiles. This will essentially let us know that nothing has changed for the profile and that the information is up to date.