Onboarding Friction for PSPs and High-Volume FX

asked by u/anakamura · 22h · 1 answers

Anyone else finding the KYB process for new Payment Service Providers (PSPs) increasingly convoluted, particularly when dealing with higher-volume FX transactions? We've been trying to diversify our payout options and the deep dives into ultimate beneficial owners, source of funds for our clients, and sometimes even minute details on our own operational structure are dragging onboarding timelines from weeks to months. It's not just the paperwork; the back-and-forth for clarifications adds significant overhead. Are there specific regions or types of PSPs that seem to streamline this better, or is this just the new normal for compliant high-volume transaction processing, especially for businesses touching $EURUSD or $GBPUSD heavily?

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  • u/diego_r· 1 pts· 22h

    This is something I've been running into as well. The amount of detail they're asking for feels like it's increased significantly in the last year or so, especially around the UBO info. It makes you wonder if there's a way to streamline it without compromising compliance.

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