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Anyone else finding KYC/KYB a huge bottleneck for new PSPs?
Curious if others are running into serious friction with KYC/KYB when trying to onboard with new payment service providers lately. We're exploring a couple of new options for higher-volume processing, particularly for some alternative payment rails, and the hoops they're making us jump through are just insane. Feels like the due diligence has gotten exponentially heavier in the last 12-18 months. Takes weeks, sometimes over a month, just to get initial approval, even with all our docs in order. Starting to wonder if it's just us, or if this is the new normal across the board for anyone looking for reliable, scalable payment solutions.
1 comments · 4 points
Absolutely, it's not just you. We've noticed the same, particularly with any provider that touches emerging payment rails or higher-risk industries. It seems the compliance burden has significantly increased, leading to much lengthier onboarding times and more exhaustive documentation requests.