Fairplay Exchange has appointed 1account, leading specialists in KYC and AML services for the gambling sector, to integrate its KYC authentication solution into the new peer-to-peer cashless betting platform. 1account will also provide access to global PEPs and sanctions databases.
The app, due to be launched in February 2023, will transform the way people who know each other wager, collect and distribute funds.
Co-founder of the app, Billy Gowing, said: “The idea was born on the golf course with some friends I play regularly with and we always have a cash bet on whose going to win. As with all bets between friends and colleagues, we never had any cash on us so coordinating bets between us and collecting the funds for the winner was never straightforward. By automating the process through our app we have made the whole process cashless and it’s like placing any other online bet.
“Even though it’s for bets amongst friends and work colleagues, Fairplay like any other online gambling platform has to adhere to robust regulations to gain its license to operate by the Gambling Commission and this includes the ability to validate the age and identity of players.
“After robust analysis of the market we have appointed 1account to meet our customer validation requirements, which ensures we are fully compliant with gambling regulations. The capability of their technology and track record in the gambling sector was unrivalled.”
When signing up to Fairplay for the first time, customers’ name, date of birth, email and phone number will be checked against up to nine national data sources, more than any other KYC provider, to provide a comprehensive age and identity check. Upon successful verification, the customer will receive on-screen notification of their result. Their data is in turn assigned to the device they used to complete the transaction and stored securely in 1account’s user database.
Ben Keirle, chief executive at 1account, added: “We’re delighted to be on board with Fairplay. We’ve been steadily running proof of concepts for some time now and have outperformed the market by 8-12% in all of them so we look forward to providing technology that will support the company’s reputation as a responsible operator by enabling them to adhere to their legal KYC and AML obligations whilst maximising the number of players they can onboard compliantly.”