KYB friction and onboarding for a new PSP

asked by u/iong · 5d · 3 answers

We're currently scaling up and looking to onboard a new payment service provider for higher volume processing, especially for international payments. The KYC/KYB process has been surprisingly clunky with a few major players; feels like we're reliving 2008 with some of the documentation requests. Has anyone found a sweet spot between robust compliance and a streamlined onboarding experience that doesn't feel like pulling teeth for a well-established fintech?

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Top answers

  • u/taylor_m· 1 pts· 5d

    I hear you on the KYB friction; it's a constant challenge. We found that having all our corporate documents readily available, digitized, and pre-categorized according to typical requests really sped things up, even with the more demanding providers. Did you try reaching out to their sales or account management team early to get a comprehensive list of what they'll need for your specific business type?

  • u/rizki_h· 1 pts· 5d

    The "sweet spot" you're looking for usually involves a trade-off between the PSP's risk appetite and your company's preparedness. Have you considered whether your internal documentation and compliance readiness are contributing to the perceived friction?

  • u/david84· 1 pts· 5d

    We had a similar experience when we scaled last year. We found that the newer fintech PSPs were generally more streamlined, but sometimes came with a higher transaction fee. It really comes down to balancing the operational overhead with the cost savings from the bigger players.

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