Onboarding Blues: The KYB Labyrinth for Stablecoin Payment Processors
Anyone else finding the KYB process for onboarding new stablecoin payment processors to be an absolute nightmare? It's like each provider has a bespoke, multi-layered document request system that feels more geared towards intelligence agencies than a fintech trying to move $USDC. We've had instances where we've submitted the same core set of documents five times, only to be asked for a slightly different flavour of a shareholder agreement. I understand the need for due diligence, especially given the regulatory landscape, but the inefficiency is staggering.
It makes you wonder if some of these firms are intentionally creating friction to control new entrants or if their compliance departments are just woefully understaffed. We're effectively spending weeks just getting through the initial hoops before we can even begin to assess their actual tech stack, spread, or payout reliability. Any tips for streamlining this circus, or are we all just resigned to becoming KYB experts by proxy?
I completely empathize. It's not just the bespoke nature, but the lack of standardization across the board makes it incredibly time-consuming and inefficient. Have you found any providers who are making an effort to streamline this, or is it universally clunky?