KYB hurdles with multiple PSPs for a niche market
We've been running into persistent friction with client onboarding (KYB) lately, specifically when dealing with a newer, slightly niche payment vertical. The traditional PSPs are struggling to adapt their internal compliance frameworks, leading to what feels like an endless loop of documentation requests and extended review times. It's not just the initial setup; ongoing monitoring triggers fresh rounds of paperwork that our clients are starting to push back on. Curious if others have found effective ways to streamline this process without compromising regulatory adherence, especially when operating with several PSPs for redundancy. The alternative is consolidating, but that comes with its own set of liquidity and single-point-of-failure risks.
I've definitely seen that happen. It feels like the big players just aren't set up to be nimble for those niche markets. Have you looked into smaller, more specialized PSPs that cater specifically to your vertical? Sometimes they're more flexible.