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March 7, 2018, COLOGNE, Germany – 4Stop (“FourStop GmbH”), a leading KYC, compliance and fraud prevention provider, announces that it has completed the integration of its proprietary risk management technology with mybet and is live and operational.
Regulatory requirements, which continue to evolve both in the type of due-diligence required and the level of complexity in which it is performed, present many challenges for businesses’ operations and IT development to stay compliant and keep a risk-based model as accurate and optimised as possible. The igaming sector in 2018 is expected to be overwhelmed to some extent by new AML regulations in Europe. As an example, the German sports betting association (DSWV) is currently working on the guidelines for implementation in the sports betting/gambling sector.
“While compliance is not an option but a legal requirement, businesses must integrate processes that satisfy the regulator while still delivering a positive customer experience,” states 4Stop Chief Risk Officer Alvaro Kurth.
By integrating 4Stop, we are now able to create specific compliance solutions for countries and customer segments with a single software suite, providing us cost-savings by reducing the number of integrations and interfaces required to support our business.ALEXANDER DUDA-CTO, MYBET
The 4Stop solution collates a multitude of KYC data sources to create a large and elite KYC database which is supported via its advanced proprietary fraud prevention technology and accessed via a single integration. mybet has the ability to instantly activate required KYC in real time and through 4Stop’s unique real-time cascading KYC verification technology can dynamically verify customers in the most efficient, user-friendly and cost-effective manner possible.
“As an international quality provider of sports betting and online casino services, we have to deal with many and various national requirements for verification and validation of customers. With new regulations enforced, we were experiencing the weight it was putting forth on our operational and IT teams to perform all the necessary due diligence required. By integrating 4Stop, we are now able to create specific compliance solutions for countries and customer segments with a single software suite, providing us cost-savings by reducing the number of integrations and interfaces required to support our business,” states mybet CTO Alexander Duda.
In conjunction to supporting mybets’ KYC requirements, 4Stop allows mybet to perform optimal risk mitigation through its real-time, anti-fraud risk engine which runs a multitude of checks and improves relevances due to full control on rule configurations, weighing and automated system actions. “With 4Stop’s real-time intelligence and a single back office providing a consolidated view on customers, we are able to perform our risk operations more efficiently and react faster to accelerate our performance overall,” said Duda.
4Stop continues to expand their platform to truly be the leader in KYC, compliance and anti-fraud technology through an all-in-one solution that not only remains leading-edge within the FinTech market but removes the barriers and complexities of obtaining KYC for compliance while protecting our clients’ customer journeys from fraud. “We are excited to be working with mybet to support their business and bring them compliance confidence as DSWV guidelines, AML regulations and other regulatory requirements continue to evolve,” states FourStop CEO, Ingo Ernst.
The mybet Group, licensed in several European countries to offer sports betting and online casino games, has its registered office in Berlin and locations in Cologne and Malta. mybet offers its betting and gaming products over the internet platform mybet.com as well as at land-based betting shops operating under a franchise system. In addition, the group supplies regional betting providers in Europe and Africa as a B2B service provider. For more information visit mybet.com.
Source: European Gaming Media and Events