Onboarding Friction for PSPs: Balancing Compliance and Efficiency
We've been doing a deep dive into the KYB process across several PSPs recently, and the variability is striking. Some providers seem to have streamlined things to the point where an initial application takes less than a day, while others feel like a multi-week odyssey of document requests, often for information already provided. It's a fine line between robust compliance and an overly burdensome process that stifles business. I'm curious what others' experiences have been, particularly with regard to how long it realistically takes to get fully onboarded and live with a new payment provider for a moderately complex business model. Are there specific aspects of KYB that consistently cause the most friction, or is it more about the internal processes of individual PSPs?
That's a great point about the variability. I wonder if the ones with faster onboarding are leveraging more advanced tech for document verification and data extraction, or if they've simply optimized their internal review processes better without sacrificing compliance rigor.