Onboarding Friction with PSPs for High-Volume FX
Hey everyone, I've been running into some unexpected hurdles lately with payment service providers (PSPs), specifically when trying to onboard for higher-volume FX transactions, especially in some less common crosses. The initial applications always seem straightforward enough, but then we hit this brick wall during the enhanced due diligence phase. It often feels like the documentation requirements keep shifting, or there's a lack of clarity on what exactly they need to see regarding the source of funds for the volume we're looking to push through.
I'm curious if others here have experienced similar friction. Is this just the new normal with AML/KYC tightening, or am I missing something fundamental in how we're presenting our operational flow? It's not just about getting approved; it's about the time sink and the opportunity cost when these processes drag on for weeks. Any insights on navigating this, or perhaps red flags to watch out for with certain PSPs during initial talks that might indicate a difficult onboarding later on?
Yeah, that's a common pain point. Have you considered exploring some of the smaller, niche PSPs that specialize in high-volume FX, or even some of the newer crypto-focused solutions that are becoming more regulated? They might have more streamlined onboarding for these specific use cases.