Payment security and regulatory compliance are critical to all online businesses. As a Sharetribe Flex user, you can be sure that the API that powers your marketplace is always up to date with the evolving global payment regulation.
The Flex API and Flex Template for Web will soon get an important update concerning provider onboarding. The update is needed because Stripe is making changes to its API to help platforms manage Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) requirements around the world.
Updating your integration with the Flex API and your user interface will require some development work. We will notify you well on time when the Flex API update is ready and provide you with step-by-step instructions on how to update your integration.
What is changing?
Stripe has introduced a new feature called Capabilities to help platforms manage complex KYC and AML requirements. This feature will help make sure that when you onboard providers and they create Stripe accounts on your platform, you collect all the information that is required due to the KYC and AML regulation.
The Stripe update will also mean your existing providers may need to update their information.
Stripe’s deadlines for reacting to these changes are:
- 20th of February, 2020 for customers in the US.
- 31st of March, 2020 for the rest of the world.
- In practice, there might be small variations for these depending on the country and activity of the marketplace.
The Sharetribe Flex API update will be ready well ahead of the deadlines, so you will have time to update your integrations with Flex, upgrade your onboarding process, and notify your users.
Updating your integration with the Flex API and your user interface will require some development work.
While implementing support for this Stripe update, we are also working on tools to improve the provider onboarding process in Flex Template for Web. The goal is to create an onboarding process and an account information update process that won’t require extensive integration changes whenever regulations change or Stripe's API updates.
You might have already received emails from Stripe, prompting you to update your Stripe integration or to react to these changes. For now, there is no need to react to these messages.
The Sharetribe Flex API and Flex Template for Web will be updated to support the changes in Stripe’s API. Along with the update, you’ll get thorough instructions on how to adapt your marketplace to these changes. In practice, this will mean updating your Flex API integration and your user onboarding process. It’s a good idea to also prepare to notify your providers about the need to update their account information.
If you have any questions about the upcoming changes in the Flex API, don’t hesitate to get in touch by replying to this email.