Geolocation technology developer GeoComply has announced the release of an integrated Know Your Customer (KYC) solution for the iGaming industry. The new product, IDComply, covers a variety of compliance requirements such as age and ID verification along with geolocation.
According to the firm, IDComply will deliver high levels of player-acceptance in a fast, compliant, and low-friction model.
The solution links to several data vendors, and it is designed to integrate with the provider’s current geolocation compliance solution. Once integrated with GeoComply, the software will enable the operator to collect player information like age and identity details and verify them through the system’s application program interface (API) and back-end processes.
In a press briefing held on Thursday, GeoComply’s founder and CEO David Briggs said that IDComply was developed in response to customer demand.
He revealed that operators had been demanding a solution that covers more compliance needs than just geolocation, and IDComply is the ideal response to that need.
By incorporating the two products, the company will enable its clients to streamline several operations such as customer acquisition and fraud detection. Also, the integrated KYC solution will help operators to enter new markets more easily and faster.
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GeoComply will unveil its new IDComply solution at the Global Gaming Expo (G2E) in Nevada this week. The conference will take place at the Sands Expo and Convention Center in Las Vegas between October 14 and 17.
Why is Geolocation and KYC compliance essential?
The legalization of online gambling and sports betting comes with its fair share of challenges. As such, state governments have regulatory agencies that set rules for licensees to ensure that they adhere to the highest ethical standards in their operations.
One of these requirements, for example, is that gambling operators must restrict underage persons from accessing gambling services on their platforms.
Each state has a legal online gambling age, and casino or sports betting providers have to ensure that their customers have attained the minimum age before they can gamble. The age verification process takes place during registration.
There is also the issue of verifying a player’s identity before settling their winnings to make sure that the operator is sending the payment to the right person and not a fraud.
To achieve this, regulated casinos and sportsbooks ask customers to upload documents such as ID, drivers’ licenses, utility bills, and credit card details so that they can confirm their identities.
Besides, US operators have to verify that a player is physically located within the licensing jurisdiction before they can place a real money wager. The confirmation of the player’s location is necessary to comply with the Federal Wire Act.
The Act prohibits interstate gambling, which means that a player cannot place an online wager using a casino site or sportsbook that is not regulated in the state they are located. A resident of Pennsylvania, for example, cannot play for real money at a New Jersey licensed site when they are within PA.
Operators use Geolocation technology to confirm the customer’s physical location.