Onboarding & KYB: The Never-Ending Story?
Anyone else finding the onboarding process for new PSPs or even just adding new banking rails to be a genuine exercise in patience? It feels like every time we try to expand or diversify our payout options, we're dragged through a labyrinth of documentation requests that often feel redundant. We just spent a month getting a new provider integrated, and half of that was chasing down revised utility bills and updated articles of incorporation that frankly hadn't changed since the initial application.
I get the need for robust KYB, especially in this climate, but there has to be a more streamlined, universally accepted standard. It feels like each institution reinvents the wheel, asking for slightly different versions of the same core information. It's not just the time sink for our team, but the opportunity cost of having a new channel sitting idle. Curious if others have found any 'hacks' or particularly efficient providers that make this process less of a bureaucratic nightmare, or if we're all just collectively gritting our teeth and submitting the same PDF for the fifth time.
Definitely hear you on this. It seems like the standard has shifted, and what used to be a straightforward process for adding banking rails now requires a full KYB workup almost every time, even with established relationships. Makes scaling less efficient.