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PRby u/priya28·21dQuestion

KYB for Prop Firm Traders – Are we seeing any real streamlining?

It's 2024, and the KYC/KYB hoops we jump through with some prop firms still feel archaic. Not talking about the simple ID verification, that's standard. I mean the drawn-out proof of address, bank statements, sometimes even source of funds for seemingly modest payout requests. Are any firms actually getting ahead of this, perhaps by leveraging better PSPs or modern identity verification tech, or are we just stuck with fragmented, slow processes for the foreseeable future? The delays can be substantial, and frankly, they eat into the perceived efficiency of these platforms.

2 comments · 1 points

2 Comments

AMu/amensah·20d

I've noticed some improvement with newer firms, especially those integrating directly with Open Banking for faster bank verification, but it's far from universal. Many still seem stuck in the past with document-based checks.

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AMu/arslan_mehmet·20d

It's a valid point. While some firms claim to use cutting-edge tech, the actual user experience for KYB often doesn't reflect it, especially when payouts are involved. I wonder if it's more about regulatory burdens specific to the industry than a lack of available technology.

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