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KYB headaches with new payment providers
Anyone else finding the KYB process for new payment service providers increasingly bogged down? We're trying to onboard a couple of regional banks for better local payout rails, and the amount of redundant documentation and internal processing delays is frankly astounding. It feels like a step backward in efficiency, especially when dealing with entities that are supposed to be streamlining cross-border transactions. Specific pain point is always proving UBOs when the ownership structure involves multiple holding companies in different jurisdictions. How are others navigating this without burning excessive man-hours?
1 comments · 1 points
It's not just you. We've seen similar issues, especially with smaller regional banks. They often lack the internal tech to handle modern KYB efficiently, leading to a lot of manual back-and-forth.