Armalytix announces partnership with Betsmart

Betsmart and Armalytix will work together to streamline the Source of Funds process.

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Armalytix is a fintech company, specialising in financial crime and risk assessments within the gambling industry.

The company has announced that it has partnered with Betsmart Consulting, which provides operators with up-to-date gambling compliance laws and regulations.

Through Open Banking technology, the two companies aim to provide a combination of their respective expertise.

They will rebuild the process of ensuring the correct affordability and Source of Funds checks for customers are completed when they sign up for a gambling site.

This will be done while adhering to any necessary regulatory compliance required for operators.

Kirsty Caldwell, Betsmart’s CEO, said: “As the industry has strengthened its approach in these areas, it has seen a significant commercial drop off, as customers who hit low-level triggers are asked to provide PDF bank statements and/or payslips to verify how they are able to fund their gambling.

“From a customer perspective, this type of check often feels unnecessary and intrusive.

“Having to provide this level of personal information to a company they use for purely leisure purposes will likely prompt them to cut their losses and move to another operator."

Richard McCall, CEO of Armalytix, said: “Working with Betsmart, we have developed a range of customer journeys to cover different levels of Source of Funds and affordability checks, which should take place at different stages of the gambling journey without being intrusive or posing as a hindrance to the customer.

“Betsmart make perfect partners, with their invaluable expertise in regulatory compliance and dedication to customer welfare.”

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