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Onboarding friction with new payment processors for prop firm payouts
Anyone else hitting consistent snags when integrating new payment service providers (PSPs) for prop firm payouts, especially with crypto rails? Seems like a standard process for most, but the KYB for these newer fintechs can be a maze. We're seeing much higher drop-off rates from our qualified traders on this step than anticipated, causing payout delays. The issue isn't the prop firm's internal processing, but the PSP's own internal compliance on the receiving end. Are others seeing similar friction, or have you found specific PSPs that streamline this better for larger, recurring payouts without constant re-verification requests?
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We've definitely experienced this. It's often the last mile problem, where the prop firm has done their due diligence, but the PSPs have their own, sometimes opaque, requirements that don't always align with the fast-paced nature of trading payouts. I wonder if it's partly due to PSPs still catching up to the unique compliance landscape of proprietary trading.