Navigating PSP onboarding for multi-currency corporate accounts

asked by u/marie_n · 23d · 2 answers

Anyone else finding the onboarding for multi-currency corporate accounts, particularly for entities domiciled in non-Tier 1 jurisdictions, increasingly fraught with friction? I'm referring to PSPs specifically, not traditional banks. We're seeing a significant increase in requests for redundant documentation, even after initial approval, and then sudden pauses in the KYB process without clear reasons. It's not just the upfront effort, which is expected, but the sustained, often illogical, back-and-forth that eats up valuable time and resources. We're talking about legitimate, compliant businesses with clean audits. Is this a new industry-wide tightening or just a reflection of certain PSPs struggling with their own compliance infrastructure, pushing the burden onto clients? Any strategies for streamlining this or specific red flags to watch out for during initial selection beyond just checking their fee structure and payout reliability track record?

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  • u/david84· 1 pts· 23d

    That's interesting to hear. I'm just starting to look into multi-currency accounts for a small business myself, though nowhere near the complexity you're describing. Are there any particular jurisdictions or PSPs that seem to be worse offenders than others?

  • u/larissa.oliveira· 1 pts· 23d

    Definitely seeing that too. It feels like some PSPs are getting cold feet after initial checks, or perhaps their internal risk appetite has shifted without clear communication. Are you finding specific jurisdictions are red-flagged more than others?

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