INDUSTRY PROFILE

PARAMOUNT COMMERCE

Paramount Commerce was founded by creative thinkers who understood that payment technology would play a crucial role as the internet took the world by storm, with a vision to simplify payments by supplying innovative and seamless online payment solutions for consumers around the world.

IN THE PURSUIT to simplify payments, the Paramount Commerce team launched their first payment product in the early 2000s which allowed consumers to make online purchases directly from their bank account without the need to fund an e-wallet – something that had never been done before in North America. Since going live with its first product, Paramount Commerce’s payment solutions have grown significantly and processed over $50 billion in volume. The team has continued to deliver industry firsts across the globe, such as processing the first regulated sports betting payment in the U.S.

Today, Paramount Commerce has become a leading bankaccount-based payments provider in the iGaming and sports betting industries. To meet the growing demand, Paramount Commerce has set up offices in Canada, the UK, and Malta to better accommodate its clients. With over 15 years of experience in providing innovative payment solutions, we are truly proud to offer best-in-class experience, seamless integration, tools to meet regulatory requirements, and a robust risk-management system that benefits consumers and operators. In short, Paramount Commerce is a go-to bank-account-based payments provider for the international iGaming and sports betting operators.

SOLUTIONS FOR CANADIANS

With roots in Canada, our team knows which payment solutions Canadians prefer. When Ontario’s iGaming market went live in April 2022, we were ready with a suite of products that meet the requirements of Canadian consumers.

We have done a lot of work to ensure our solutions provide both merchants and consumers with the best payment experience. Our suite of products consists of bank account-based payment solutions such as INTERAC, iDebit, and INSTADEBIT with live bank connections to 99 per cent of Canadian bank accounts. Our solutions are Canadian staples, with INTERAC known as one of the most trusted financial service brands in Canada for over 35 years. Repeat consumers benefit from one-click deposits, while verified payment account ownership provides secure and quick payouts. Industry-leading conversion rates make our solutions a must-have for every cashier.

Our payment solutions meet all of Ontario’s regulatory requirements. Features such as bank account ownership checks and consumer location features add a layer to compliance tools for operators. Working with an industry insider that helped create the new regulations like Paramount Commerce ensures that your business is not only compliant but has the tools to succeed in a new market.

Additionally, a key component is our state-of-the-art risk management system. Paramount Commerce offers a realtime decision engine proven to mitigate fraud and provides merchants with the tools needed to manage risk. Our risk management and fraud prevention solution gathers information from industry-leading sources, while their dedicated risk team continuously improves prevention and detection rules to keep transactions safe.

INTRODUCING INSTANT BANK TRANSFER

We are working to launch more innovative payment solutions, which is why we are thrilled to announce at the Canadian Gaming Summit the launch of Instant Bank Transfer. Built for iGaming and sports betting, Instant Bank Transfer offers in-game deposits, verified withdrawals, one-click re-deposits, and a proven experience with industry-leading conversion.

Apart from that, we are also working with Canadian regulators as more provinces are set to go live with their iGaming markets. We will continue to keep equipping our clients with the necessary tools to meet all regulatory requirements set by the province and also provide them with a suite of products that all players love.

Catch Paramount Commerce’s Director of Legal Amy Reier at the “Payment Processing, AML, and NFTs” Summit session from 12:00 – 12:50 p.m. on June 7 in Room: 205B.