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Processing KYC outside of the transaction flow

by sujatha | 2 mins read | Apr 15th 2021

Operators can now complete KYC (Know Your Customer) of MuchBetter customers outside of the transaction flow. This allows you to pre-screen customers and make risk-based assessments before submitting any transaction requests.

Here we discuss the importance of KYC in this context and how you can take control with the MuchBetter API (Application programming interface).

The importance of KYC in gambling

KYC is a mandatory part of compliance for online gambling organisations and is regulated by the Gambling Commission applicable to your country of operation. Verifying a customer’s age, identity, address, and source of wealth allows casinos to stamp down on fraud and potential money laundering and provide a safer gambling environment for everyone. Failure to carry out thorough KYC checks could result in serious fines for the organisation in question.

In 2020, regulators across the EEA struck some casinos with millions in fines for failing to carry out appropriate KYC and anti-money laundering checks.

Completing KYC outside of the transaction flow

MuchBetter has now developed an extension within the API that allows operators to complete KYC outside of the transaction flow. This allows operators to pre-screen customers and make risk-based assessments before submitting any transaction requests.

An API is an authentication protocol that allows two entities to pass information between each other. For MuchBetter and our merchants, this applies to financial transactions (deposits and pay-outs), and it serves as an endpoint to verify KYC user data.

We are now able to offer a new API solution that allows our merchants to complete customer due diligence outside of the transaction flow. This means that you can communicate with our data to pre-screen customers and make a risk-based assessment before submitting any transaction requests. You can also setup automated requests for information from MuchBetter, and check results to make an informed decision based on the data being a match or different and following the PUSH/PULL (deposit or pay-out) requests accordingly.

Striking a balance between compliance and user experience

Staying ahead in the gambling industry is an ever-evolving game of meeting compliance regulations and keeping your customers happy with frictionless sign-up and an impressive player experience.

Whilst there’s no avoiding necessary compliance regulations, processing customer deposits and withdrawals through a payment app like MuchBetter does provide an extra layer of fraud prevention for gambling operators and greatly improves the user experience for your customers. MuchBetter is licenced by the UK Financial Conduct Authority and the Bank of Lithuania, and we follow strict compliance regulations.

Our customers are unable to withdraw funds via their MuchBetter account until they have completed full account verification, and we also limit wallet loads until a customer has validated their source of wealth and/or source of funds as required. Your customers won’t need to enter card details or remember multiple passwords when depositing with the MuchBetter app, and in a mobile-first world, this makes for a seamless user-experience, reducing friction and improving conversion rates.

Simple integration, fraud management, and frictionless payment mean that both you and your customers benefit from choosing MuchBetter.

For more details or access to the MuchBetter API, please email business@mirlimited.com

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