KYB Friction with Multiple PSPs - Anyone else seeing this trend?
We've been scaling up our payment processing capabilities, and it feels like every other week we're hitting new hurdles with Know Your Business (KYB) requirements across different Payment Service Providers (PSPs). It's not just the initial onboarding anymore; we're seeing increasingly frequent requests for updated documentation, sometimes for seemingly minor changes to our operations or even just routine reviews. What's frustrating is the lack of standardization. One PSP will accept a certain form of proof for beneficial ownership, while another demands something completely different, often leading to significant delays and manual overhead.
I'm curious if other fintech founders are experiencing a similar increase in KYB friction, particularly when working with multiple PSPs or expanding into new geographic regions. Are you finding a sweet spot with a particular type of PSP that streamlines this process, or is it just the new normal we all have to build robust internal compliance teams to manage? Trying to gauge if this is a systemic trend across the industry or if we're just hitting an unlucky streak.