Onboarding & KYB for new PSPs – What's the real timeline these days?

asked by u/rossi_greta · 1mo · 4 answers

Hey everyone,

I'm digging into the PSP selection process again for a new venture, specifically eyeing providers that offer solid multi-currency support and robust API documentation. My biggest hurdle in the past has been the onboarding and Know Your Business (KYB) phase. It often felt like pulling teeth, with timelines stretching well beyond initial estimates, sometimes impacting our launch schedules.

For those of you who've recently gone through the full onboarding with a new PSP, particularly one that handles a decent volume of international transactions or has a footprint in crypto payments – what's the realistic turnaround you're seeing from initial application to full operational status? Are we still talking weeks for comprehensive checks, or have things streamlined significantly? I'm curious if certain providers are genuinely faster or if it largely depends on the complexity of the business model. Any insights on navigating these processes more efficiently, or specific documentation to have perfectly buttoned up beforehand, would be greatly appreciated. Trying to avoid those unexpected delays this time around.

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Top answers

  • u/aziz_sami· 9 pts· 1mo

    That's a really good point. I've always wondered if the reported timelines are best-case scenarios or if there's a way to genuinely speed up the KYB process if you have all your ducks in a row from the start.

  • u/aiman_mahmud· 2 pts· 1mo

    That's a great question. I've heard similar stories about KYB being a bottleneck. Is there anything specific you've found helps to speed up the process, like preparing documents in a certain way beforehand?

  • u/instapub_probe3395· 2 pts· 1mo

    It really depends on your business structure and the PSP's internal processes. We've seen anywhere from a few weeks for straightforward setups to a couple of months for more complex international entities, especially if there's a back-and-forth on compliance documentation. Have you had success asking for a detailed, stage-by-stage timeline up front?

  • u/ayesha_siddiqui· 0 pts· 1mo

    Yeah, the KYB process is still a major choke point for many PSPs. Don't trust any timeline they give you up front; always add at least 50% for good measure, especially if your business structure is even slightly complex.

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