For payment providers onboarding prospects, Know Your Business (KYB) compliance can quickly turn the simple act of onboarding into a complex, frustrating obstacle course. Merchant onboarding often requires:
- Integrating multiple systems to support KYB verification, anti-money laundering (AML) compliance, and legal entity identification
- Relying on additional developers to connect these disparate tools into a single, seamless onboarding journey
- Collecting detailed information from merchants business structure
- Managing time-consuming manual reviews from risk, legal, and compliance teams to validate data and approve applications
But every new tool and process you add to existing KYB and AML workflows can end up increasing overhead, slowing down sign-ups, and driving away potential customers.
Six years ago, as OnBoard by MVSI began building a next-generation KYB solution for payment providers and financial services, we listened to a common pain: patchwork processes, endless hand-offs, and bottlenecks at every turn. Fixing a single step simply was not enough.
Our mission became clear. Remove the friction from end-to-end onboarding. That is why OnBoard delivers a single, streamlined solution, so you can scale confidently and compliantly without all the headaches.
What You’ll Learn
In this article, you’ll discover:
- The main challenges with conventional KYB verification processes.
- The best practices for verifying businesses and meeting KYB requirements.
- How MVSI OnBoard delivers a seamless, global KYB solution in a single platform.
- Real-world results: How a global payment provider unlocked $50 million in new revenue through better KYB verification.
Looking for a better way to do KYB business verification? MVSI Onboard doesn't just help you tick the compliance box - it removes friction, cuts costs, and transforms onboarding into a competitive advantage. Book a demo to learn more.
The Challenges with Conventional Know Your Business Processes
Know Your Business (KYB) is the process of verifying the identity, legitimacy, and risk profile of an entity before engaging in a partnership or financial relationship with it. As a critical component of anti-money laundering (AML) compliance for highly regulated industries like financial services, KYB involves collecting and validating key details to prevent financial crime. This includes:
- Business registration and incorporation status
- Ownership structure
- Ultimate beneficial owners (UBOs)
- Whether the business or its principals appear on sanctions or watchlists
While KYB shares similarities with Know Your Customer (KYC), which verifies individual merchants, KYB is tailored to the unique complexities of business entities. It goes beyond verifying a name and ID to evaluating corporate hierarchies, business activities, and associated risk factors, such as the presence of shell companies, to ensure you're engaging with legitimate businesses.
As more B2C companies expand into B2B services, understanding and implementing KYB verification is now as vital as KYC for regulatory compliance and fraud prevention. Here are the most common frustrations with traditional KYB business verification.
1. Using Multiple KYB Tools Increases Friction and The Cost of Acquisition
B2C operations are typically built around individual identity verification and KYC checks, often managed by one team (e.g. onboarding or risk). But when moving to B2B, business verification data must be available to more teams, including:
- Legal
- Compliance
- Risk and fraud
- Sales, strategic partnerships, or revenue
- Onboarding
This often means layering on extra tools such as spreadsheets, CRMs, and external data vendors, which IT teams then have to piece together with existing systems. The outcome is a patchwork of disconnected systems that slows everything down and results in customer drop-offs due to:
- Data siloes. Prospects have to provide the same information multiple times, because every department involved operates in isolation, with little visibility across the whole onboarding flow.
- Manual interventions. Automation in one system does not always carry over to the next, so each team ends up reviewing data manually.
- Misaligned teams. Technical fragmentation hinders effective communication or data sharing, causing teams with different goals to work against each other.
Fragmented data collection and manual processes slow everything down - often stretching onboarding into weeks instead of days. This is a leading cause of customer drop-offs, driving up acquisition costs and damaging your reputation.
2. Keeping Up With Regulatory Compliance Pressure Creates Complexity
Constantly evolving AML, combating the financing of terrorism (CFT), and FinCEN regulations make it hard to stay compliant as a business scales. Financial firms risk fines, increased scrutiny and audits, or even license revocation if they can't keep up with KYB regulatory requirements triggered by the initiation of a business relationship, under laws like the Bank Secrecy Act (BSA) and PATRIOT Act.
For B2B financial services, onboarding requires gathering a significant amount of data from prospects to satisfy regulatory obligations, credit and reputational risk assessments, and enhanced due diligence (EDD). This is frustrating for both the prospect and the institution. The right tools are essential to make this less burdensome.
Expanding into new markets brings new compliance rules, and finding a single solution that meets every regional requirement can feel impossible. Most companies end up relying on a mix of different compliance tools to meet their obligations, but these systems rarely communicate or integrate smoothly.
This fragmentation creates complexity at scale, leading to bottlenecks, greater risk of non-compliance, and a poor experience for your customers.
When onboarding is slow or confusing, prospects drop out and acquisition costs rise.
3. Disparate Onboarding Workflows Increase Costs and Security Risks
Disconnected systems are not just a hassle, they are expensive. Keeping everything working together takes continuous integration, manual fixes, and constant updates.
Development teams spend valuable time fixing recurring compatibility issues, while cybersecurity experts are constantly identifying and mitigating risks associated with disconnected systems. Instead of driving innovation or working on strategic projects, your teams are forced into a cycle of firefighting technical problems.
Many financial services firms underestimate just how quickly these ongoing technical and security costs can add up. Over time, these hidden expenses steadily erode profitability and can hold your business back from real growth.
What is The Best Way to Fulfill KYB Compliance Requirements?
Many financial services and payment providers are so used to patching together multiple tools, that they do not realise there is a better way.
A modern end-to-end onboarding platform that brings together sales, KYB, risk management, fraud assessment, legal, and compliance functions into a single workflow can:
- Improve customer experience
- Align your teams
- Reduce costs and drop-offs
- Meet compliance requirements, wherever you operate
Platforms that offer a comprehensive automated workflow can handle even the most complex KYB requirements, from beneficial ownership checks to geo-specific compliance obligations. Additional benefits include:
- Create frictionless onboarding flows that accelerate sign-ups
- Maintain automatic audit trails for compliance and due diligence
- Reduce manual effort and operational overhead
- Increase conversions and customer retention
- Boost profitability through fewer drop offs and more referrals
How OnBoard Delivers Global KYB Through an End-to-End Onboarding Experience
MVSI OnBoard is a complete onboarding solution that replaces up to 23 different software systems.
With it, onboarding teams can automate the entire onboarding process, from initial prospecting and KYB checks to risk assessment and customer activation.
MVSI Onboard covers:
- Sales and product management: White-label pre-set templates, create custom offers with auto-filled fields, and generate contracts automatically.
- Prospect and case management: Full pipeline visibility, real-time progress tracking, and streamlined customer communication.
- Automated AML and KYB checks: Global sanctions, watchlists, PEPs, adverse media, and other risk data sources - all in one place.
- Customisable rules-based risk and decision engines: Automate approvals, exceptions, and manual review assignments.
- Data collection and document verification: Automated screen captures build an audit trail, saving hours of manual work.
- Ongoing Customer Due Diligence (OCDD): Real-time customer monitoring with configurable frequency and intensity. MVSI OnBoard will flag individuals or businesses whose risk profile changes or who no longer meet compliance requirements.
MVSI OnBoard is highly configurable, so you can tailor it to your specific branding, risk, and regulatory needs in over 200 countries and 20+ languages.
Why Choose MVSI OnBoard as Your KYB Verification Partner?
MVSI OnBoard is a unified, out-of-the-box onboarding platform built for B2B financial services firms. Global companies like Nayax, Xplor, and Fiserv trust OnBoard to drive new customer growth with merchant onboarding that is seamless, compliant, and designed to scale.
With OnBoard, fintechs, payment service providers (PSPs), and independent sales organisations (ISOs) can:
- Enhance the customer journey without the overhead of custom integrations or manual processing
- Launch new products and services faster
- Onboard prospects quickly and compliantly
- Eliminate costly manual work and integration headaches
You can configure and deploy MVSI OnBoard in just a few weeks, at a fraction of the cost of building your own solution. It adapts to your products, risk models, and compliance requirements, so there is no more patching together multiple tools..
Here is why OnBoard is one of the best solutions for KYB processes.
Boost Onboarding Conversions by 35% With Dynamic Smart Forms
Merchants frequently abandon onboarding when they are faced with lengthy forms, repeated data requests, or complex questions they do not understand. Each extra step or unclear demand increases the risk of drop-offs and lost opportunities.
Smart Forms solve this.
These interactive digital forms streamline the entire application process, using real-time logic and validation to guide prospects smoothly from KYB checks through to risk assessment. Smart Forms adapt dynamically each applicant’s responses, reducing unnecessary requests, minimising repetition, and offering clear guidance at every stage. The result is less friction, fewer mistakes, and a process that builds trust - helping you retain more customers.
Smart Forms make onboarding straightforward and efficient by:
- Auto-populating fields with previously entered data, saving time and effort
- Validating inputs in real time, flagging errors or requesting documents upfront so prospects can correct issues immediately
- Showing or hiding fields based on prior answers, removing redundancy and making the experience feel personalised
- Cueing next steps, and setting clear expectations around required documentation
- Supporting uploads and digital signatures directly in the form, eliminating manual back-and-forth
- Integrating seamlessly with your CRM and external databases to automate processing and maintain a complete audit trail
By simplifying onboarding and increasing completion rates, Smart Forms do far more than reduce drop-offs. They create a smooth, confidence-building journey from the very first step.
Book a demo to see Smart Forms in action and discover how you can convert more prospects with less effort.
Reduce Manual Processing by 60% With Automated KYB, Workflows and Management
Manual processing, endless emails, siloed data, and misaligned teams are the biggest causes of customer attrition.
MVSI OnBoard solves this with integrated, AI-powered risk and decision engines that automate up to 60% of onboarding workflows, even for high-volume or high-risk applications. This includes:
- Automated customer due diligence using a single API that pulls from global data sources such as company registries, PEP lists, and credit bureaus to build accurate risk profiles. Mapping business ownership structures and identifying required documentation for any entity type
- Evaluating creditworthiness and reputational risk via customisable risk models
- Making real-time approval or rejection based on pre-configured risk criteria
OnBoard's automation removes friction, reduces manual effort, accelerates decision-making, and minimises errors. It also offers dynamic workload distribution.
AI engines continuously monitor team capacity to assign tasks to the correct department and available reviewers based on priority and workload. This ensures urgent applications are handled promptly, exceptions are routed without delay, and adequate time and resources are allocated where needed.
By improving operational efficiency and reducing manual bottlenecks, onboarding becomes faster, more consistent, and less costly.
By combining intelligent automation with adaptive workload management, OnBoard enables financial institutions to process thousands of applications in a month, while maintaining compliance and quality.
OnBoard's KYB solution results in lower costs, faster onboarding, and reduced drop-offs.
How a Global Payment Provider Enabled KYB Business Verification for Scalable Growth and $50 Million in New Revenue
A global payments provider wanted to accelerate growth in its Australian market through a dual strategy:
- Grow its reseller network (ISOs and Payfacs)
- Introduce a frictionless digital onboarding experience for new merchants
To achieve this, the company selected MVSI OnBoard as its comprehensive KYB platform and end-to-end onboarding solution.
With OnBoard, the payments provider had a unified solution for compliant KYB verification, onboarding resellers and merchants in minutes instead of days or weeks. Their new sign-up flow proved critical in a competitive market where speed and simplicity of onboarding are key for acquiring strategic business partners.
In just two years, the payments provider:
- Signed up over 70 resellers
- Onboarded 20,000+ new merchants through their reseller channel
- Generated over A$50 million in new revenue
The success in their Australian market has prompted the payments company to replicate the MVSI OnBoard partnership across Asia, with rollout underway.
Trust OnBoard to Get KYB Right Without the Friction
As financial services firms expand into B2B offerings, KYB becomes a critical part of the onboarding journey. But traditional patchwork approaches are not sustainable. Fragmentation leads to higher costs, compliance risk, slower onboarding, and customer drop-offs.
MVSI OnBoard solves this by unifying KYB, compliance, sales, and risk workflows in a single end-to-end onboarding platform. With intelligent automation, dynamic forms, and global compliance coverage, OnBoard helps financial institutions scale faster, stay compliant, and deliver a seamless experience to every customer, from merchant to enterprise.
Ready to take the pain out of KYB business verification? Book a demo with MVSI Onboard and see how we can help you grow faster, stay compliant, and delight your customers from day one.
