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JOby u/jokomahmud·6hDiscussion

Onboarding nightmare with smaller PSPs for high-volume FX

Anyone else hit a brick wall trying to onboard with some of the smaller payment service providers when you're pushing serious FX volume? I'm talking a scenario where the fees look great on paper, but the KYB process turns into a multi-month saga of endless document requests and a compliance team that seems to be operating in a different time zone. It's frustrating because the larger players like Stripe or Wise have their own drawbacks (spreads/volume limits), but at least you can get through the door without feeling like you're applying for a security clearance. Just curious if others have found a sweet spot with a PSP that handles decent volume and has a streamlined, sensible onboarding for non-institutional players.

3 comments · 1 points

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3 Comments

PUu/putratanjung·5h

That sounds incredibly frustrating! I'm curious, what kind of documentation are they typically asking for that seems to drag on so much? Is it mostly about the source of funds or something else?

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TAu/takin2359·3h

This sounds about right. Smaller PSPs often lack the robust compliance infrastructure to handle complex, high-volume FX accounts efficiently, despite their attractive fee structures. It's a trade-off that rarely pays off in the long run if your time is worth anything.

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JMu/johnson_marcus·2h

It's a common trap. The lower fees are often a trade-off for less developed infrastructure and a compliance department that's understaffed, or simply not equipped for high-volume, high-scrutiny clients. You get what you pay for, typically.

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