NEOSURF’S ANDREA MCGEACHIN: WHY TWO REGULATORS ARE BETTER THAN ONE

gambling regulations instructions for ourselves is about managing our AML duties such as traceability of vouchers and wallet transactions.”

BY CHRIS MURPHY

“Not everyone likes the idea of them,” said McGeachin, “but in this industry, regulators play an integral part. At Neosurf, we welcome regulation as essential to providing a safe and secure environment for our customers to transact with confidence.”

The CEO, contentiously perhaps, believes that when it comes to the issue of regulation, more is actually better. “As controversial as it may seem – we firmly believe that two regulators are better than one,” she noted.

“Our response to enhanced regulation has been the launch of our KYC handshake and improved payout processes.

“Gambling regulators now dictate many payment method rules, while anti-money laundering (AML) is at the heart of both. We are managed via the payments regulators. Most of the

Emphasising the more collaborative aspects of working alongside regulations in varying jurisdictions, she added: “These regulators work to protect us, the operator and of course players from fraud, theft and illegal activities.

“It is when there are different processes, procedures and limits per regulator in different countries that affect the equation and you’ve got an imbalance, which results in a roller coaster of a ride. This is our responsibility in delivering the best adherence, balanced with the smartest user experience.

“Strategically we didn't expect to have to meet the Gambling Commission’s needs but we have discovered many regulators are smart, especially the newest ones (Ontario, Netherlands) and we are up for the challenge of delivering the requirements of both regulators.”

But when it comes to addressing a market that is becoming increasingly

Payments

heavy on the regulation front, what are the key considerations for companies like Neosurf? McGeachin stated: “As a payments service, striving to adhere to both sets of regulations means our customers have the best experience possible.

“It may be an extra effort to comply, but in doing so we create an environment of safety and trust. We take this responsibility seriously and we are proud that we deliver great results for our customers, operators and merchants.

“By taking significant steps to engage with the gambling regulators directly we are seeing great informative progress. This is challenging the myths created by some of our competitors and other experienced payments people – especially in countries like the Netherlands, where the gambling regulator Kansspelautoriteit was responsive and provided us with quality supportive direction.”

The CEO then turned her attention to the part that cash can still play as a thoroughly viable payment method, albeit with the associated element of added risk that it brings. “Cash is not dead and it should enter the digital world safely and in a traceable manner,” she said. “We make that journey seamless, with the privacy of our customers and our operators’ players being maintained.

“As providers of cash and wallet payments into the online gambling sector we are considered as a double high risk, so it’s important we make it clear that we embrace the management of these high risk arenas with responsibility, using a sensible approach to user experience and covering relevant transactions quickly and smartly.

“We are committed to delivering exceptional service and support in providing a secure payments platform with our vouchers and wallet. Our operators and merchants can trust us to remain compliant with both regulators and provide a safe experience.”

Talking about the processes involved with meeting growing regulatory requirements, the CEO said: “The area

Payments

we initially focus on in adhering to the rules is the user journey. Not everyone is a criminal and social responsibility has a spectrum to watch over. We drive a unique smooth user experience and using our ‘KYC Handshake’ we use accessible background KYC (know your customer data) to limit interruptions in transactions.”

The KYC Handshake, she added, is a product that uses Neosurf’s API to interact at different points and for different needs to swap, share, collate and validate information in the background. She said: “Both us and the operators may save or use the data in our decisioning of onboarding or transaction completion.

“The product becomes even stronger as a tool for optimisation with payouts. Whilst respecting the regulators’ rules, we are able to use the tool to ensure that payouts are optimised for all our operators.”

McGeachin also believes that with regulations being subject to ongoing changes, there is an absolute need to work in lockstep with policy makers. “The regulatory landscape is constantly shifting and evolving,” she said. ”But at Neosurf, we’re committed to staying ahead of the changes by maintaining close relationships with both regulators.

“Our particular product carries the stigma that it's declining, isn't secure and isn’t liked by regulators. By engaging with the gambling regulators we are able to position the services for the players that want and need our services whilst ensuring the regulators’ aspirations to maintain overall safety.”

Closing off the discussion, McGeachin underlined Neosurf’s technology credentials and the company’s willingness to stick to the regulatory path as key to a great player experience, while safeguarding customer safety.

She said: “By leveraging our advanced technology, we remain at the forefront of compliance standards, enabling us to provide a reliable platform for anyone who wants to make payments online. Our commitment to regulatory compliance ensures that all transactions will be secure, efficient and compliant with the rules set forth by each regulator.

“We take great pride in providing innovative solutions for payment processing while ensuring the safety of our customers’ data and money – and to do this we need both regulators to be engaged.” •