KYB process for multi-entity firms – managing the overhead
We're a multi-entity firm, each with distinct legal structures, operating in several jurisdictions. When engaging new payment service providers (PSPs) or even traditional banking partners, the Know Your Business (KYB) process consistently bogs us down. Each entity, despite being under a common parent, often requires its own full onboarding, duplicating effort for documentation and verification across the board.
Has anyone found efficient ways to streamline this with various providers? Are there specific PSPs or banks that offer a more integrated, parent-company level KYB process for complex corporate structures, rather than treating each subsidiary as a completely fresh application? The cumulative time sink is starting to impact our ability to onboard new financial partners swiftly, especially when dealing with slightly more niche liquidity solutions.
It's the same story everywhere. Have you tried negotiating a master services agreement that explicitly recognizes the parent-subsidiary relationship? Some providers are more flexible on a tiered KYB.