Innovation is undeniably a critical factor when it comes to differentiating and standing out from competition. This not only means having a unique product offering, but also innovative processes and support services that can potentially transform the user experience from ‘good’ to ‘exceptional’.

KYC/AML requirements – Identity verification made simple

As the user journey starts at on-boarding, identity verification processes are at the forefront of the player’s experience. Due to heavy requirements that high-risk sectors such as Gambling and Gaming have from key regulations including the 4th AML Directive, the UK’s JMLSG, the LCCP and so on, the on-boarding process, if not optimised, can be a complex and time-consuming process which can kill user conversion rates.

However, newcomers should not have to worry about staying compliant whilst converting users, as there exist advanced RegTech products and services for identity verification and payments, which can help operators stay ahead of the regulatory curve and focus on growing their core business.

Identity and Payments Converged

At iSignthis we offer a full-stack solution for iGaming businesses. From remote identity verification to payment processing, our solutions are specifically catered for high-risk sectors, and for the global end user who seeks speed and convenience.

Through our flagship product Paydentity™, we combine the verification of the user’s identity with the authentication of their payment transaction to deliver regulatory compliance to an enhanced due diligence (EDD) standard.

Players are identified and verified during the deposit payment flow, from cards or transfers, which enables operators to perform EDD KYC, focusing on those customers who are willing to engage and pay for their services. The Paydentity™ solution boosts conversion rates, while simultaneously helping operators fulfil their initial and ongoing KYC requirements.

Geofencing

Operators will also have to comply with location-specific jurisdictional requirements, when it comes to identity verification. The use of geolocation and geofencing services can help in determining the legality of a gambling transaction across borders by having real-time location monitoring coupled with transaction geotagging.

As part of our Enhanced Due Diligence platform, we have integrated smart geofencing capabilities into our products in anticipation to the regulatory needs of our igaming clients, for verifying a player’s location within an approved boundary before they are allowed to play, bet or transact in any way.

By using advanced localization technologies including IP address, ISP network location, GPS data, browser location and a secret SMS password sent to the user’s mobile number to check its location, we cross-check all touch points to ensure there has been no ‘spoofing’ and enable operators to remain compliant.

A complete solution

Having a payment partner that can satisfy both the identity verification needs and the payment processing, enables operators to conserve resources and make more informed decisions on risk management and mitigation as well as control of the payments that take place on their platforms.

iSignthis offers a unified payment platform which enables operators to accept and process payments both through principal acquiring agreements as well as partnerships with a global network of other PSPs and acquirers.

We have recently introduced a new product, B2B operating accounts, which enable merchants to payout their suppliers and affiliates with a variety of payment options including SWIFT, SEPA and OCT to a Visa card.

The article was originally published in intergamingi 2018 – Issue 3, distributed at iGBLive! and Australasian Gaming Expo.