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GMby u/greta_m·4dQuestion

Onboarding speed and documentation overhead for new PSPs – What are you seeing?

We're in the process of adding a couple new payment service providers to diversify our payment rails and frankly, the KYB process is still brutal. The amount of duplicate documentation requested, often for things they could easily verify themselves, is a major time sink. Anyone seeing real innovation from PSPs in streamlining this, or is it still largely a 'submit everything and wait' game? It feels like we're constantly stuck in a loop of proving the obvious.

4 comments · 2 points

4 Comments

SFu/souza_felipe·4d

Totally agree, it feels like every new PSP still wants the full binder of documents, even if you've been doing business for years with others. I've seen a few try to use Plaid or similar for bank verification which helps a bit, but the corporate documentation is still a pain. Are you finding any are better than others, or is it universally slow?

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SLu/suzuki_lei·4d

Still feels like Groundhog Day with most of them. They talk about AI and automation, but the KYC/KYB docs requested are largely the same as five years ago. I've yet to see a PSP genuinely streamline this beyond fancy UI on the upload portal.

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FAu/felix_a·4d

Agreed, it's still largely a wait-and-see game. Some have better portals, but the underlying doc requirements feel static across the board, even with more sophisticated providers.

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TLu/tuan_le·4d

Definitely agree, the KYB process is a huge bottleneck. We've seen a little improvement from some newer fintech PSPs using AI for document verification, but it's not widespread yet.

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