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Before a customer can use any financial features — receiving funds, converting currencies, or making payouts — you must create a connected account for them and complete the identity verification process. This page walks through each step.

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Overview

Step 1 — Create the connected account. Register the customer in PIK by calling the Create account endpoint. This generates a connected account ID you will use for all subsequent operations. Step 2 — Submit identity information. Provide KYC details for individual customers or KYB details for business customers. PIK’s compliance engine reviews this information. Step 3 — Wait for verification. PIK reviews the submitted information. This may involve automated checks or manual review depending on the customer’s risk profile. Step 4 — Activate capabilities. Once PIK approves the account, activate the specific capabilities the customer needs: inbound payments, FX conversion, on-ramp/off-ramp, or outbound payouts. Step 5 — Issue a Virtual Account Number. Request a VAN to give the customer a dedicated Australian BSB and account number for receiving AUD from any sender.

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Step 1 — Create the connected account

Call the Create account endpoint with basic details about your customer. At this point no financial capabilities are active. Required fields: customer_type (individual or business), email, country, and your own internal reference_id for this customer. The response returns a connected_account_id. Store this — you will use it as the x-on-behalf-of value for all future API calls on behalf of this customer.

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Step 2 — Submit identity information

For individual customers (KYC), submit the customer’s legal first and last name, date of birth, nationality, government-issued ID type and number, and residential address including street, city, state, postcode, and country. For business customers (KYB), submit the business’s legal name, registration number, country of incorporation, business type, and registered address. You will also need to provide details of any beneficial owners who hold 25% or more of the business.

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Step 3 — Check verification status

Poll the account status endpoint or listen for the account.verification_status_updated webhook to track where the customer is in the verification process. The verification_status field will be one of the following:
  • pending — Submission received, review not yet started.
  • in_review — PIK compliance team is reviewing the submission.
  • approved — Customer is verified and ready to have capabilities activated.
  • rejected — Verification failed. Check the rejection_reason field for details.
  • more_info_required — Additional documents or information are needed before review can continue.
It is strongly recommended to set up a webhook on the account.verification_status_updated event so you are notified immediately when the status changes.

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Step 4 — Activate capabilities

Once verification_status is approved, activate the capabilities your customer needs. Available capabilities:
  • inbound_payments — Customer can receive funds via their assigned Virtual Account Number and crypto addresses.
  • fx_conversion — Customer can convert between supported currencies including on-ramp and off-ramp.
  • outbound_payouts — Customer can send funds to external bank accounts or crypto wallets.
Do not activate capabilities before verification_status is approved. Attempting to do so will return a 403 error.

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Step 5 — Issue a Virtual Account Number

Once inbound_payments is activated, issue a VAN by calling POST /api/v1/accounts//virtual-account. PIK returns the BSB and account number immediately. The customer can start receiving AUD transfers from any third-party sender as soon as the VAN is issued.