It feels like the onboarding process for new payment service providers, particularly for handling multi-currency inbound and outbound, has become significantly more protracted this last quarter. We're hitting more extensive documentation requests and longer verification cycles, which is starting to impact our ability to scale with new strategies requiring rapid fund movement.
We've noticed a similar trend, especially with PSPs that are newer to handling certain exotic currency pairs. It feels like their internal compliance departments are still figuring things out, leading to more back-and-forth than usual.
That's interesting. I'm just starting to look into different PSPs for cross-border myself, and I'm a bit overwhelmed by the KYC/KYB requirements already. Is there a specific type of documentation they're asking for more often, or is it just more of everything?
That's interesting. I've only just started looking into new PSPs for cross-border myself, but I was under the impression the onboarding process was getting more streamlined, not less. Are these new requirements specific to certain regions or types of transactions?
Definitely seeing this too. Our last PSP onboarding took almost 6 weeks longer than projected due to repeated KYC/KYB requests. Wondering if it's the current regulatory climate or just specific to certain regions.