Onboarding Friction for PSPs: Balancing KYC/B and Merchant Experience

asked by u/ahmed_k · 2d · 2 answers

We're currently re-evaluating our onboarding flow for new merchants, particularly those in higher-risk categories. The balance between robust KYB checks, adhering to AML/CTF regulations, and providing a smooth, fast merchant experience is a constant challenge. Our current process, while compliant, often leads to significant delays, especially when chasing additional documentation or clarifying business structures.

I'm curious about how others are handling this. Are there specific tech solutions or workflow optimizations that have significantly reduced onboarding time without compromising compliance? We're seeing drop-offs due to perceived friction, which directly impacts our acquisition numbers. Any insights on navigating this trade-off would be appreciated. Payout reliability downstream, once onboarded, is solid, but getting them through the gate is the current bottleneck.

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Top answers

  • u/liam_smith· 1 pts· 2d

    This is a perennial issue. Have you looked into any of the automated KYB solutions that integrate with various data sources? They can sometimes speed things up considerably by reducing manual review.

  • u/lottemurphy· 1 pts· 2d

    It's always a tough tightrope walk. Have you considered leveraging any third-party data enrichment services to pre-populate some of the KYB info? Could cut down on the back-and-forth documentation requests significantly.

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