Onboarding Friction for EU-based Prop Firm Payouts
Anyone else finding KYC/KYB on some of these newer prop firms, particularly those processing payouts via more regional European banks, to be an absolute minefield? It's not just the document requests, which are standard enough, but the back-and-forth, the inconsistent messaging on required formats, and the delays that stretch weeks. It's impacting our ability to move capital efficiently. Is there a more streamlined solution out there, or are we stuck with this until more robust, industry-wide standards emerge for these smaller outfits? The larger players, admittedly, have this down, but their terms aren't always favorable for our specific needs.
I've definitely experienced this, especially with firms that are still scaling their back-office operations. It feels like some of them haven't fully streamlined their processes for different jurisdictions yet, which can be incredibly frustrating when you're trying to manage capital flow efficiently.