Onboarding Friction for High-Volume Crypto Payments
Curious if others are seeing increased friction during onboarding with PSPs for crypto payment solutions, especially when dealing with higher volume clients or specific jurisdictions. We've been evaluating a few different providers recently for a new project focused on cross-border B2B payments, primarily leveraging stablecoins. The KYC/KYB requirements have become notably more stringent, which is understandable given the regulatory landscape, but it feels like some providers are still figuring out how to balance compliance with operational efficiency.
Specifically, the turnaround times for verification and the depth of information requested for ultimate beneficial owners (UBOs) in non-G7 countries have really extended our integration timelines. Are others finding certain PSPs or even specific regional approaches to be more agile in this regard, or is this just the new normal we need to build into our project plans? Would appreciate any insights on how to potentially streamline this process or what to look for when vetting new partners beyond just fees and liquidity pools.
It's almost as if the powers that be suddenly realized crypto wasn't just for buying pizza anymore. The increased scrutiny is a real pain for legitimate businesses, turning what should be a straightforward process into a bureaucratic odyssey.