It feels like every six months I'm re-submitting documentation for our PSPs, or they're suddenly requesting obscure utility bills from a decade ago. It's gotten to the point where onboarding a new PSP feels like a deep dive into an archaeological dig of my own company's history. Is this just the new normal, or am I attracting the overly zealous compliance departments?
It's not just you. The regulatory landscape has tightened significantly, and PSPs are passing that burden directly onto their clients to cover themselves. It's tedious, but largely a reaction to increased scrutiny on financial flows.
Definitely not just you. Many in the fintech space are seeing increased scrutiny, often driven by new regulations or the PSPs themselves beefing up internal compliance post-penalties.
I've definitely noticed a similar trend, especially with some of the newer platforms. It makes me wonder if there's been a recent change in regulations that's trickling down, or if different PSPs just interpret the existing rules very differently.