Is Supply Chain Finance Pricing Mispriced?

Funding has grown more sophisticated with supply chain finance programs to large companies, driving margins down in many cases. There are several interesting issues around pricing:

Platform providers make money on transactions not explicit charges for their sales, marketing and onboarding efforts. How are platform costs embedded in pricing? What about third party platforms? Managed services?
If Syndication models are being used to create more capacity for buyers, how does that model impact pricing? For example, the way many large bank originators make money is by distributing most programs to other banks.  If they have a $3bn outstanding program – they may keep $400m and sell $2.6 billion with a distribution margin of 25bps between what they originate and what they sell. If they have a leverage ratio of 5 or 6:1, they can make their return models work.
If new funding players are participating in the market, Hedge Funds, Insurance Companies, and European and Asian Banks, is that money going to be there if credit cycles take a turn for the worse?