PSP friction points: still dealing with medieval KYB on-ramps in 2024?
Anyone else still pulling their hair out with payment service providers (PSPs) and brokers when trying to get fully onboarded, especially for crypto or FX flows? It feels like we're still stuck in 2005 with some of these Know Your Business (KYB) processes. I get the regulatory hurdles, absolutely, but the sheer lack of standardization, the endless cycle of submitting documents only to be asked for a slightly different version of the exact same thing by another department, it's mind-boggling. Are we ever going to see true digital streamlining, or am I doomed to keep faxing utility bills from 3 different entities every quarter? Seriously, are there any players out there who actually get it right, or is this just the cross we all bear in this space?
It's definitely a common pain point. While the regulatory landscape is complex, it does feel like some PSPs could streamline their processes much more effectively, especially with the tech available today. Have you noticed any particular jurisdictions or types of PSPs that are generally better or worse in this regard?