SBC SUMMIT BARCELONA Fira Barcelona Montjuïc - Thursday 21st September, 2023 Emulating ecommerce: Payment Leaders' acquisition challenge Conference Stage 6, 11:20 - 12:00
What gaming-specific technologies are required to function in this industry, with extremely tight regulations?
Mickael: We have technologies such as account to account payment, data sharing, 3d2, open banking, AI, PIS, AIS etc. that could contribute to a much better landscape and smooth user experience. We need to get our act together and build mechanism that will help differentiate ourselves.
We are also lacking support from larger institutions such as card scheme, local payment methods and banking network to facilitate that. We are moving in the right direction but I would love to see a closer industry working hand in hand with regulators and large network institution.
Rahul: Tere is no single, definitive set of technologies that can serve as a "silver bullet" solution for meeting regulatory requirements. However, there are several underlying concepts that can facilitate compliance. By acknowledging the likelihood of regulatory changes and recognising the common themes in tightening regulations, such as AML and prohibiting underage betting, organisations can strategically select technological solutions to simplify compliance processes.
For instance, let's consider AML regulations. Regulators emphasise the avoidance of third- party payments and pay-outs. As a Payments manager, you can facilitate compliance by ensuring that your APIs incorporate KYC and account ownership data, as well as name matching logic. By implementing these measures, you are aligning yourself in the right direction. Additionally, leveraging payments orchestrators can streamline your operations by reducing the number of APIs that need updating and maintenance. However, if necessary, you can also rely on a team of developers to manage legacy code, although this may be more complex.
Similarly, in combating underage betting, it is crucial to recognise that not all payment methods are equal. It is advisable to streamline the available payment options and establish contractual safeguards to protect both the customer and your organisation. Open Banking, which tightly integrates identity and payments, will become increasingly indispensable in the future. However, it may not be accessible to unregulated operators. Terefore, it is vital for those operators to identify the key regulatory themes and develop a customised approach to manage the changes effectively.
Orchestration and Open Banking can be valuable tools in this process, but they must be adapted to the specific markets and trading contexts in which your organisation operates.
P144 WIRE / PULSE / INSIGHT / REPORTS
In summary, to effectively navigate regulatory changes, it is crucial to identify the primary themes in your regulator's requirements and devise an appropriate strategy. Utilising orchestration and Open Banking can offer assistance, but their implementation should be tailored to your specific markets and trading context.
Simon: In the gaming industry, which operates under strict regulations, specific technologies are required to ensure fair play, prevent fraud, and protect vulnerable individuals. One crucial technology is age verification systems, which are essential in preventing underage gambling.
Operators need robust age verification technologies that can accurately determine the age of customers and ensure compliance with regulations. Secure payment technology is also paramount to safeguard the financial transactions involved in gambling. Operators must employ technologies that utilise
“Responsible gambling tools are imperative in addressing problem gambling and promoting responsible gaming
practices. These tools include self-exclusion programs, time- out periods, profit and loss calculators, deposit limits, and
reality checks. Implementing such technologies helps players stay in control of their gambling habits and comply with responsible gambling regulations.”
encryption and other security measures to protect customer data and prevent unauthorised access.
Responsible gambling tools are imperative in addressing problem gambling and promoting responsible gaming practices. Tese tools include self-exclusion programs, time-out periods, profit and loss calculators, deposit limits, and reality checks. Implementing such technologies helps players stay in control of their gambling habits and comply with responsible gambling regulations.
Furthermore, the gambling industry is subject to strict anti-money laundering (AML) regulations. Operators must have robust AML systems in place to detect and prevent money laundering activities. Tis involves leveraging technologies like transaction monitoring and customer due diligence processes. Our platform and wallet & cash-to-digital solutions are designed to provide expertise and cover all these functions.
By leveraging gaming-specific technologies in the context of payments while adhering to regulatory requirements, operators can create a secure and trustworthy environment for their players, fostering confidence and enhancing the overall gaming experience.
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