Onboarding Friction for High-Volume FX/Crypto Platforms
Curious if others running high-volume FX or crypto platforms are seeing similar headaches with onboarding new institutional clients or even larger retail clients, particularly around the KYB process for Payment Service Providers (PSPs) and sometimes even liquidity providers. It feels like we're constantly hitting a wall with the sheer volume of documentation and the back-and-forth required, even for entities that are clearly legitimate and well-established. It's not just the initial setup, but also ongoing compliance checks that seem disproportionately time-consuming given the transactional value.
Are there any best practices or specific types of PSPs/brokers that are known for having more streamlined, yet still robust, KYB workflows for companies dealing in high-frequency trading or substantial notional volumes? We're evaluating a couple of new providers and while their tech stack looks solid, the onboarding experience so far is raising flags regarding potential bottlenecks for future client growth. Any thoughts or shared experiences on navigating this without compromising regulatory integrity?
Definitely resonate with this. We've found that the manual review process for KYB documents, especially for international entities, is a major bottleneck. Have you explored any automation tools or AI-driven solutions to help streamline the initial document verification?