Fiserv: AML and compliance are vital to preserving the integrity of the industry

As Betting on Sports America – Digital is fast approaching, George Connors, SVP of Fiserv Gaming & Sports Solutions, has predicted that advancement in digital payouts will continue to remain high on the agenda for the sports betting industry going into 2021.

Speaking to SBC Events, George Connors gave us some insight into what Fiserv will be promoting at the upcoming digital event, which takes place from 1-2 December, and how he is looking forward to hearing how different parts of the industry have been impacted by the great digital shift that has occurred in 2020.

What are you looking forward to at the Betting on Sports America – Digital?

I am looking forward to the opportunity to network with the gaming industry’s leading executives and thought leaders, a group that is helping to re-imagine a digitally-enabled future for gaming and sports betting. 

During a time when many of us are still physically distant, the opportunity to come together on a single virtual platform to connect, engage and elevate the industry is invaluable.

What would be your biggest bit of advice for betting and gaming businesses trying to mitigate the impact of COVID-19?    

Two of the biggest considerations I would encourage a business trying to navigate these uncertain times are to work with partners that are in a strong financial position to support their business model, and to ensure that their business has a strong anti-money laundering (AML) program and other compliance-related controls in place. 

Fiscal stability is critical to business resiliency; while AML and compliance are vital to protecting the consumer, preventing fraud, and preserving the integrity of our industry as a whole.

What are you promoting at Betting on Sports America – Digital?       

At Betting on Sports America, Fiserv is hoping to bring increased awareness to the many ways we support gaming from a technology perspective, and a number of the ways we are working to build a digitally-enabled future for the gaming industry that benefits both players, and casinos. A few of these digital-forward priorities include:

  • Connecting the digital and physical – For physical casinos, building a digital experience that connects with their physical experience is critical for players that may want to visit a physical casino and also play online through its digital app; having an omnichannel strategy will grow in importance for casinos in a digital world. 
  • Digital payouts – The ability for online casinos to deliver digital payouts directly to a player’s debit card, bank account, prepaid card, or mobile wallet is taking on greater significance.
  • Diversifying payment methods – Whether debit, credit, ACH, mobile wallet, or via a bank account, casinos will be looking at new ways for players to fund digital accounts through their preferred payment method. Like shopping online, providing consumer payment choice can be a significant differentiator.

What industry innovation will capture the most attention in 2020?             

Advancement in digital payouts continues to be a topic of discussion we are having on a regular basis. The ability for any online gaming entity to help players get paid instantly, via the payment account/wallet they desire, and in a manner that is entirely secure and compliant can be a significant differentiator for any business operating online.

It’s a concept that is simple, but a positive customer experience that many businesses still aren’t delivering to their players on a consistent basis. 

In 2019, Fiserv and First Data completed a significant merger of two of the largest financial companies globally. How might the combination of the two companies benefit the sports and gaming industry in the future?

When we announced the combination of Fiserv and First Data, we said it was to redefine how people and businesses move money and information. We’re even more confident in that commitment today. Together, Fiserv now has deep technological expertise, leading digital and payment capabilities and the ability to scale integrated solutions to market. Those capabilities are being enhanced by an increased financial commitment to innovation, and specifically digital innovation, that will benefit our clients and their customers.

Which parts of the conference agenda have caught your eye?

The diversity of discussion around digital trends, and how different parts of the industry are being impacted by the great digital shift that is occurring in 2020. How each business is able to address these trends and challenges will be key to all of our success in 2021.

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