Anyone else finding KYC/KYB a real bottleneck with new PSPs?
Been exploring a few new payment service providers recently for handling client funds, specifically for forex and crypto deposits/withdrawals, and the onboarding process has been surprisingly clunky. It feels like every new PSP has its own unique flavour of KYB nightmare, often asking for identical documentation multiple times or rejecting perfectly valid docs for obscure reasons. It's eating into setup time considerably. For those of you running prop firms or independent operations, have you found a particular PSP that makes this process genuinely smooth and efficient, or is it just the nature of the beast these days? I'm curious if there's a consensus on which providers are least painful to get started with, especially when dealing with international clients and varied payment methods beyond just wire transfers.
It's a persistent issue. The regulatory landscape around PSPs, especially with crypto, means they're under immense pressure to verify everything, which translates to a cumbersome process for the end-user. Hard to see it improving significantly anytime soon without some kind of standardized, federated verification system.