Enhanced Due Diligence (EDD) | Conduit Guides
Enhanced Due Diligence (EDD)
If any of your Customers are Financial Institutions (FIs), they are required to complete an Enhanced Due Diligence (EDD) form in order to send or receive USD payments through Conduit.
Completing this form is not optional—it’s essential for uninterrupted access to USD corridors and faster settlement times.
What is EDD?
Enhanced Due Diligence (EDD) is a compliance process required for certain high-risk entities, such as Financial Institutions. The EDD form collects details about the Customer’s business activities.
EDD helps ensure secure payment flows, protect against financial crime, and meet regulatory obligations.
Why Submitting the EDD Form Matters
If one of your Customers qualifies as an FI, submitting the EDD form brings several benefits:
- Avoid delays – USD transfers for Customers without a completed EDD may be paused or rejected.
- Reduce RFIs (Requests for Information) – A completed EDD prevents unnecessary back-and-forth and follow-ups from the compliance team.
- Access faster settlement times – Customers with approved EDD forms are eligible for improved settlement speeds.
- Maintain access to USD payment capabilities – Without EDD, the Customer may be restricted from transacting in USD altogether.
How to Know Which Customers Require EDD
In your Conduit dashboard, you’ll be asked to identify which of your Customers are Financial Institutions.
- If all are FIs, you’ll receive a link to the EDD form to share with each of them.
- If some are FIs, you’ll select the relevant Customers and receive the EDD link to share with those.
- If none are FIs, no action is needed.
You can check out this blog to understand what FIs are.
What to Expect When Sending USD
When initiating a USD transfer from a Customer:
- If their EDD is incomplete, you may see a message reminding you to complete it to avoid delays.
- If their EDD is complete, you’ll see confirmation that faster settlement times apply.
What You Should Do
- Log into your Conduit dashboard.
- Identify which of your Customers are Financial Institutions.
- Share the EDD form link with those Customers.
- Follow up to ensure they submit it.
Completing the EDD form is a simple step that ensures your Customers can continue transacting in USD smoothly—and with faster, more reliable results.
For help, contact your account manager or email support@conduitpay.com
Frequently asked questions
My beneficiary is in pending status, how long does it take to get approved?
If the beneficiary is created within Conduit's operational hours, the review should take no more than 10 minutes.
What type of supporting documentation do I need in order to send a payment?
To process a payment, you may need to provide one of the following:
- Invoice
- Agreement/Contract
- Purchase Order
Each document should include: Description of Goods/Services – Clearly outline the items, quantities, and prices.
Parties Involved – Names, addresses, and contact details of both buyer and seller.
Payment Terms – Payment amounts, due dates, and accepted methods.
Signatures – Required for agreements/contracts to formalize the transaction.
Business Justification – If the purpose is unclear, a signed statement explaining the transaction may be required.
Can you reverse or recall a payment?
Once a payment is completed, it can only be recalled. However, a recall may take up to 7 business days and should only be requested in urgent cases.
I have submitted a payment with incorrect payment instructions, how long does it take for the wire to return?
Payments are typically returned the same day, subject to the operational hours of the beneficiary bank. The Payment Ops team will notify you as soon as the returned payment is received.