What does the term KYC stand for in the context of Stripe?

The term KYC stands for "Know Your Customer" in the context of Stripe. This concept is fundamental in the financial services industry, including payment processing, where businesses are required to verify the identity of their clients. The KYC process helps prevent fraud, money laundering, and other financial crimes by ensuring that businesses have adequate information about their customers.

By implementing KYC measures, Stripe can ensure compliance with regulatory requirements and improve the security of transactions. This process typically involves collecting information such as the customer’s name, address, and identification documents to validate their identity before initiating financial transactions.

In the context of payment services, "Know Your Customer" is crucial for risk management and building trust in customer relationships. This is why it is the preferred terminology within Stripe and other payment platforms.