Stripe is to make significant changes to the verification timescales for certain connected accounts created within the European Economic Area.
From 2 July 2021, some new Stripe accounts created on the elloha platform will be required to undergo verification of their identity and associated business before processing their first payment. This verification was previously required once a certain threshold of payments had been crossed, or prior to the first transfer. This change does not apply to accounts that Stripe believes are low risk and as such may be subject to more relaxed registration requirements.
Stripe teams regularly monitor accounts to ensure security and compliance. Updating your account information allows them to strengthen protection against fraud and money laundering while complying with local regulations. Stripe constantly monitors international regulations and industry best practices to ensure a healthy financial ecosystem.
As a result, a proportion of connected accounts created within the European Economic Area from 2 July 2021 will not be able to create payments until they have been properly verified. You should therefore ensure that you provide as much information as necessary in your elloha account when activating Stripe.