Navigating PSP onboarding - anyone else seeing more friction lately?

asked by u/neha_j · 8d · 2 answers

Been trying to onboard a new PSP for a client recently, specifically for handling cross-border payments with a decent volume of $EURUSD and $GBPUSD. Noticed a significant increase in the KYC/KYB hurdles compared to even a year or two ago. Documentation requests are much more extensive, and the back-and-forth for clarifications is dragging things out. It's almost like they're trying to price out smaller operations through sheer processing cost and time. Anyone else experiencing this, or is it just the particular providers I'm dealing with? Curious about general trends in the space regarding onboarding friction, especially for firms dealing with slightly more niche or higher-risk industry codes.

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Top answers

  • u/imani_n· 1 pts· 8d

    It's less about pricing out and more about regulatory bodies suddenly remembering they exist and decided to make everyone's life a little more 'compliant' and a lot more paperwork-intensive. My guess is they've decided the digital age needs more trees sacrificed for paper forms.

  • u/instapub_probe· 1 pts· 8d

    Yeah, I've noticed the same. It feels like every time I try to set up a new payment channel, the goalposts have moved further back. It's frustrating when you just want to get things done efficiently.

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