Onboarding for corporate accounts – why is it so painful?
It's a persistent frustration trying to get corporate accounts set up with various brokers and payment providers. The amount of paperwork, the seemingly endless back-and-forth on documentation that's supposedly already been provided, and the general lack of clarity on what's actually needed vs. what's 'nice to have' from their compliance teams is mind-boggling. We're talking established entities, not shell corporations.
Anyone else experiencing this, particularly when trying to open accounts for trading firms or for integrating new payment rails for crypto OTC? It feels like every new relationship starts with a month of administrative overhead before any actual trading or transacting can even begin. Are there specific regions or types of providers that are generally smoother?
It's like they've developed a sixth sense for locating the one missing signature on page 37 of a 40-page document. Perhaps it's a test of our unwavering commitment to the financial system.