Trustly Improves the US Gambling Licensing Process with OneComply Integration
Date: 2024-05-17 Author: Leon Pierce Categories: TECHNOLOGY
Trustly, a renowned player in the open banking payments space, recently announced a strategic partnership with OneComply, a division of GeoComply. This collaboration aims to streamline Trustly's game licensing processes in the US market with an automated and centralized solution that will simplify the complex licensing process.
OneComply Solution Eases Regulatory Burden for Operators
The OneComply platform is specifically designed for the gaming industry, offering operators tools to manage the complex regulatory environment. One of the key features of the platform is automated application for licenses in multiple jurisdictions and centralized management of compliance tracking. OneComply's main goal is to improve operator efficiency and reduce administrative burden.
Hallie Calabrese, Head of Enterprise Risk and Compliance at Trustly, emphasized the importance of collaboration:
"We were attracted to OneComply because it provides an automated and centralized solution that simplifies the gaming license application process. OneComply also helps us track license renewals, allowing Trustly to manage the licensing process more efficiently."
Comprehensive Licensing and Compliance System
In the US, companies processing gaming transactions must have separate licenses in each state. This creates a complex system to ensure compliance with regulations, protect users' financial data and prevent fraud and money laundering. Failure to obtain the necessary licenses can result in significant fines and prosecutions, which creates serious problems for both the company and its gaming affiliates.
GeoComply and OneComply Partnership to Raise Compliance Standards
Aaron Gould, VP of Identity at GeoComply and co-founder of OneComply, commented on the partnership:
"OneComply recognizes the enormous potential of open banking in the gaming sector and the need for strong compliance with these solutions. Our deep experience in the gaming industry paves the way for the success of new entrants to this ecosystem, and we are proud to partner with innovators like Trustly."
GeoComply Portfolio Extension
In early May, GeoComply acquired OneComply, expanding its portfolio of compliance solutions for gambling operators. This collaboration with Trustly demonstrates both companies' commitment to improving licensing and compliance processes in the gaming industry.
Trustly's Leading Market Position
Trustly is the global leader in open banking payments, connecting merchants with consumers directly through their online banking accounts. The company's network currently covers more than 8,300 merchants, 650 million users and 12,000 banks in more than 30 countries. In 2023 alone, Trustly processed over $56 billion in transactions worldwide.
As such, the OneComply integration promises to significantly improve the licensing and compliance process for Trustly in the US, leading to a more efficient and secure operation in the gambling market.
