Unworkable compliance processes & dreadful customer service
We operate a large UK group, which has been a Worldpay customer for some years. Though nothing has changed in our business, Worldpay has been going through a periodic update of KYC (customer due diligence), as all financial services businesses must, and which I fully understand. However, it has implemented a new approach to KYC which simply doesn’t work for customers. We partner with a number of high street banks, large financial institutions and professional services firms, all of whom have the same regulatory requirements, and who all always complete new / refreshed KYC on our group quickly and without issue.
Although we answer Worldpay requests immediately, this then goes into a period of silence for weeks at a time. The exercise has gone on for so many months that Worldpay has stopped releasing funds to us until completed. At the date of writing it has been holding hundreds of thousands of pounds of company money for more than a month. Its only justification is that its KYC update is not yet completed. This is only because of the poor Worldpay process and delays their side - at any point in time nothing is outstanding, and any new request raised is typically answered within 24 hours.
The verifications team undertaking the KYC exercise are unstructured and disjointed in their approach and unclear. Worst of all, they seem to have no set timelines within which to complete reviews despite an overall deadline on the customer to complete the process. This means that if not completed in time customer facilities become temporarily blocked as has happened to us.
The verifications team is “not trained to talk to customers”’ so cannot be accessed to chase or discuss process. They ignore any email sent to them - their only response will be a new, unconnected, request several days or weeks later with no reference to any previous request.
A customer service team is in place to handle customer calls, but even they are not allowed to talk to the verification team so their only role seems to be to apologise to the customer and send a chasing email to their colleagues. These chasers also seem to have no effect, and repeated promises to get back in touch with an update are then consistently broken
There appears to no accountability at any level with Worldpay to intervene - I have tried for 6 weeks to escalate this through complaints processes to unlock this the situation. Nobody can provide any meaningful updates on timelines or the process - the KYC team seem to have free rein to take as long as they wish without consequence.
I have spent decades as a director in large organisations, and Worldpay’s customer service and processes have been amongst the worst I have ever experienced in my time in business.
If you are considering moving to Worldpay, please know that it is not without future risk of an experience like this one. If you are an existing Worldpay customer, I would strongly recommend carefully considering your dependency on your card acquiring partner and the appropriateness of having a contingency plan in place.
24 agosto 2024
Non scritta su invito