Onboarding Friction for PSPs – Any Movement on KYC Streamlining?
Been dealing with a new PSP onboarding recently for a client's e-commerce venture, and the KYC/AML process still feels unnecessarily fragmented. Despite advancements in identity verification tech, it seems like every PSP has its own flavor of document requirements and due diligence questions, often requiring resubmission for minor discrepancies. This isn't just about the initial setup; it impacts the agility to switch providers or expand into new regions. Does anyone have recent experience with a PSP truly streamlining this, perhaps leveraging shared KYC utilities or more advanced API integrations that pre-fill / validate across different providers, especially for businesses with existing verified legal entities? Or are we still largely stuck in a bespoke, manual review world for each new integration?
Yeah, it's a real pain point, especially when you're trying to get multiple integrations live. I've seen some PSPs use a more standardized approach, but it often feels like they're just checking boxes without real understanding of the client's business model.