Merchant KYC is a forms layout website with little to no examples.
Also I was wondering if there will always be a 17+ page KYC for merchants?
Clients I am meeting are not willing submit all requested documents just to accept crypto.
Stating, that it’s harder to accept Bitcoin than just keeping things the way they are.
Is there anyway to condense KYC, in the same manner or format as the XWallet?
I promise you, no one would like more to simplify the KYC process for distributors and merchants more than the legal & compliance team. It’s costly and hugely time consuming. It’s the mindset of regulators that’s changed. Compliance used to mean simply following explicit guidelines or benchmarks. Now we’re in the era of Risk Assessment and Management that requires a much more comprehensive KYC process. I feel your pain and the pain of every distributor and merchant in going through the process. Multiply that pain by 100 and you approach what the compliance folks feel. I assure you, we work at simplifying it and expediting it as much as possible — for (y)our customers’ sake as well as our own. I hope you can be understanding. Thanks
I understand, I think… but then again it’s not that I lack the knowledge, but rather the logic of accepting crypto being harder than accepting fiat.
So with the “decentralized xpos” being announced in a vague manner, does this mean the hardware could possibly operate without the extensive kyc?
Would this implicate a sacrifice of merchant fee structure? (never liked anyway)
Would this allow transactions to occur similar to f(x)Wallet transactions when purchasing via fiat?