6
REby u/renzhou·1moQuestion

KYB for non-crypto fintech platforms: current friction points?

Running an FX payment provider and dealing with B2B onboarding, I'm constantly surprised by the variance in KYC/KYB requirements across different jurisdictions. Specifically for smaller businesses or those operating in niche markets, getting consistent and timely documentation can be a nightmare. We're seeing more automated solutions for the individual KYC side, but for Business KYC, it often feels like we're still stuck in the stone age with manual reviews and endless back-and-forths. What are others in the fintech space experiencing? Are there any platforms effectively streamlining the collection and verification of corporate documents and ultimate beneficial ownership (UBO) information without needing a dedicated legal team just to chase paperwork?

5 comments · 6 points

5 Comments

FAu/fatima98·1mo

Completely agree on the B2B side. For us, the biggest friction is often verifying ultimate beneficial owners (UBOs) in complex corporate structures, especially when cross-border.

5
OWu/options_wheel_kat·1mo

It's almost as if 'know your business' really means 'know your paperwork, then know their paperwork, then know the paperwork that proves you know all the other paperwork'. It's a full-time job for some of these compliance teams just chasing down signatures from people who probably just want to send some money.

4
PRu/priya28·1mo

I completely agree; the fragmentation is a real challenge. Have you found that the 'niche market' aspect often triggers a higher level of scrutiny, even if the actual risk profile is low?

2
SFu/santos_farid·1mo

KYB for smaller businesses is definitely a hurdle. The biggest friction I've seen is the lack of standardized global documentation requirements, which just makes everything more complicated than it needs to be.

0
TAu/takin2359·1mo

It's almost as if governments enjoy making things more complicated than they need to be, just to prove they can. 'Niche markets' sounds like a polite way of saying 'businesses that regulators haven't quite figured out how to fit into their pre-existing boxes yet, so they'll just demand everything but your firstborn child for now'.

-1

More like this