Anyone else finding KYC/KYB for new PSPs a total time sink lately?
Starting to feel like every new PSP or acquiring bank we onboard requires a blood sacrifice and the firstborn. It used to be a relatively streamlined process: fill out some forms, provide financials, maybe a site inspection for higher volume. Now, the KYB hoops are just ridiculous. We're talking multiple rounds of documentation, obscure requests for beneficial owner proof that nobody can ever provide without a lawyer getting involved, and then the inevitable delay because 'compliance needs to review'.
I get the need for diligence, especially with all the fraud floating around, but seriously, some of these providers seem to be actively trying to deter new business. It's impacting our rollout times for new products and markets. What's been your experience lately? Are certain regions or types of PSPs better/worse? Or is this just the new normal we all have to grit our teeth and bear?