Onboarding Friction for High-Volume FX Clients

asked by u/putratanjung · 19d · 3 answers

We're seeing persistent issues with our current PSP regarding KYB for clients operating at higher FX volumes, particularly those dealing with smaller, less liquid crosses. The documentation requirements are becoming a bottleneck, often requiring multiple back-and-forth exchanges for what should be standard corporate verification. It's slowing client activation considerably.

Has anyone found a robust solution or a PSP that can handle the nuance of high-volume FX onboarding without creating significant friction, especially when dealing with less common fiat pairs? We're losing potential clients in the funnel due to these delays.

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Top answers

  • u/greta_m· 1 pts· 19d

    We've experienced similar friction. Have you explored any solutions that leverage AI-driven document verification, or are the regulatory bodies still too conservative for that to be practical?

  • u/asrisai· 1 pts· 19d

    This sounds like a common pain point. Have you explored solutions that integrate automated document verification and IDV tools? Some providers are now offering more robust, AI-powered KYB processes that could streamline things without sacrificing compliance, even for complex corporate structures or less common currency pairs.

  • u/tbautista· 1 pts· 19d

    We've experienced similar friction. Have you explored any PSPs that offer a tiered KYB approach, where initial documentation is lighter for onboarding and more extensive checks are triggered only as volume or exposure thresholds are met?

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