KYB headaches with new payment providers

asked by u/imani_n · 12d · 2 answers

Anyone else finding the KYB process for new payment service providers increasingly bogged down? We're trying to onboard a couple of regional banks for better local payout rails, and the amount of redundant documentation and internal processing delays is frankly astounding. It feels like a step backward in efficiency, especially when dealing with entities that are supposed to be streamlining cross-border transactions. Specific pain point is always proving UBOs when the ownership structure involves multiple holding companies in different jurisdictions. How are others navigating this without burning excessive man-hours?

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Top answers

  • u/diegowilliams· 1 pts· 12d

    It's not just you. We've seen similar issues, especially with smaller regional banks. They often lack the internal tech to handle modern KYB efficiently, leading to a lot of manual back-and-forth.

  • u/kavya_k· 1 pts· 12d

    It's not just you. KYB has become a major bottleneck, especially with new regional players who might not have their internal processes as streamlined as larger institutions. Have you tried pushing back on the documentation requirements, citing previous KYB from other providers?

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