Armalytix has partnered with Betsmart Consulting to provide gambling operators with a combined solution of tech-enabled affordability and Source of Funds checks.
The deal with the gambling compliance consultancy firm also includes ‘expert advice; around the building of customer journeys, both from a regulatory compliance and a user experience perspective’.
Kirsty Caldwell, Betsmart CEO, said: “As the industry has strengthened its approach in these areas, it has seen a significant commercial drop off, as customers who hit low level triggers are asked to provide PDF bank statements and / or payslips to verify how they are able to fund their gambling.
“From a customer perspective, this type of check often feels unnecessary and intrusive. Having to provide this level of personal information to a company they use for purely leisure purposes will likely prompt them to cut their losses and move to another operator.
“Add to that the long winded, clunky customer journeys, which often compound the problem. There’s now a much better way.”
Powered by Open Banking technology, the offering aims to provide operators with a ‘fast, easy and non-intrusive’ way to guide customers through the necessary checks.
Armalytix has described itself as a fintech company that streamlines financial insights for financial crime and risk checks to the professional, financial services and gambling sectors.
The company’s CEO, Richard McCall, added: “Working with Betsmart, we have developed a range of customer journeys to cover different levels of Source of Funds and affordability checks, which should take place at different stages of the gambling journey without being intrusive or posing as a hindrance to the customer.
“Betsmart makes a perfect partner, with its invaluable expertise in regulatory compliance and dedication to customer welfare.”