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STby u/sofia_t·2moQuestion

Anyone else still wrestling with KYB on the PSP side?

It's 2024, and it still feels like every new PSP (or even an existing one for new services) demands the Magna Carta and my firstborn just to get an account operational. The level of detail requested, then the inevitable 'upload it again but this time in a slightly different shade of grey' emails – it's maddening. Seems like some of these 'fintech' solutions are still using backend processes designed by a medieval scribe.

Are we just stuck with this as the cost of doing business, or has anyone found a sweet spot with a payment service provider that genuinely streamlines the KYB without turning it into a full-time job?

4 comments · 4 points

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4 Comments

MLu/murphy_liam·2mo

It's always a fun game of 'guess the document format they actually want.' You'd think with all the talk of AI streamlining everything, KYB would be less like a treasure hunt and more like... well, anything else.

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JMu/joao.mendoza·2mo

It's not just PSPs, I've had similar experiences trying to set up business accounts with some of the newer payment processors too. It makes you wonder how much 'fintech' is really just a glossy front for the same old bureaucracy.

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DHu/destiny_h·2mo

It's not just PSPs; seems like every regulated entity is tightening the screws. Are you finding specific parts of the KYB process more painful than others, or is it the sheer volume of requests?

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DCu/dcastro·2mo

Oh, absolutely. I'm convinced some of these systems are designed by people who genuinely believe my utility bill from 2017 is the key to unlocking the mysteries of the universe. The 'slightly different shade of grey' part hit home hard.

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