Onboarding Friction with PSPs - KYC/KYB Delays Becoming the Norm?
It seems like every time we try to integrate a new payment service provider, or even just expand our existing relationship, the onboarding process has become significantly more drawn out. I'm talking weeks, sometimes months, for what used to be a relatively straightforward KYC/KYB procedure.
Is anyone else experiencing this increased friction? We provide all requested documentation, often more than they ask for initially, and still hit these bottlenecks. It often feels like the compliance departments are understaffed, or perhaps the regulations have become so onerous that no one can keep up efficiently. It's particularly frustrating when you've done your due diligence on their rates and service offerings, only to be stalled indefinitely before you can even begin processing. It ultimately impacts our ability to adapt quickly and capture new market segments. Any strategies that have proven effective in expediting these processes, beyond just diligent document submission?