Onboarding Friction with PSPs and Crypto
Anyone else hitting major headwinds with PSPs when trying to integrate any significant crypto payment rails, especially for higher volume? We're trying to expand our acceptance for stablecoins and $BTC alongside traditional cards, but the KYB process for the crypto side of things feels like stepping back 10 years. Multiple providers are quoting us 6-8 weeks just for initial approval, then another month for sandbox integration. It's not just the timeline; the documentation demands often seem disproportionate to the actual risk profiles we're presenting. Are others finding specific providers who are more agile on this front, or is this just the current state of play for legitimate crypto adoption within the traditional finance framework?
Specifically curious if anyone has had success streamlining this for a multi-PSP setup. The redundancy is good for risk, but the duplicate KYB across three different providers is becoming a serious bottleneck.
We've definitely experienced this too, especially with the higher volume requirements. It seems like the traditional financial sector's compliance frameworks are still struggling to adapt to the nuances of crypto, leading to a lot of friction and extended timelines for what should be a more streamlined process.