How big a role do data (reporting, analytics etc.), artificial intelligence and other emerging technologies play in your payments offering and where could these two aspects take the sector in the future?
Data management forms the backbone of our business, and its significance in the broader payments landscape is set for continual growth. With an ever-increasing volume of data at our disposal, Aircash can refine its offerings, craft personalised promotions for diverse user segments, and gain more accurate insights into market trends. Furthermore, the incorporation of enhanced reporting and analytics equips us with real-time monitoring capabilities, facilitating the early identification of anomalies and more effective fraud detection. Artificial intelligence already plays a pivotal role in our operations, particularly in the domain of advanced fraud detection and prevention. A source of great pride for Aircash is our in-house developed state-of-the-art AI identification technology, including KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions. Using the power of AI, our solution can identify the country and type of ID card used, extract and vectorize facial features, and subsequently match these vectors with the user’s selfie. It also conducts rigorous anti-fraud checks, including cutting-edge verification of user liveness, assessing the reality of their movements and positions. This not only streamlines processes but also upgrades our customer service and support, ultimately leading to a superior user experience. Looking ahead, as AI and data analytics continue to advance, we can anticipate even greater strides in risk management and security. These advancements will further reduce fraud and enhance trust among our users. In essence, data, AI, and other emerging technologies are undeniably central to both the current and future landscape of the payments sector. Their continued evolution will drive enhanced security, increased efficiency, personalised payment solutions, and fresh opportunities for the global payments landscape. This, in turn, will contribute to greater financial inclusion and the continued growth and transformation of the industry.
How do you ensure your service keeps on top of fraud, AML and KYC obligations while offering a frictionless experience? And how else does responsible gaming play into your offering?
Ensuring that our service remains at the forefront of fraud prevention, Anti-Money Laundering (AML) compliance, and Know Your Customer (KYC) obligations while delivering a seamless user experience is a complex and multifaceted challenge. To meet this challenge, we at Aircash have made the strategic decision to invest in developing an in-house solution right from the outset. We take immense pride in this achievement because it underscores our commitment to safeguarding our users’ trust and the integrity of our platform. Our in-house solution leverages cutting-edge AI identification technology, creating a robust foundation for fraud prevention. By combining AI-driven features with advanced fraud detection mechanisms, we ensure that every user interaction is secure, efficient, and fully compliant with industry standards. Furthermore, we understand that the landscape of regulatory requirements, especially in the iGaming industry, is constantly evolving. To tackle this dynamic environment, our compliance team is not just strong but also exceptionally knowledgeable. Our experts have a deep understanding of regulatory intricacies, and they are continually updated on the latest legal and security standards. This diligence ensures that our services remain at the forefront of regulatory compliance and security. Responsible gaming is integral to our approach, extending our commitment to user security and well-being beyond financial transactions. It creates an ecosystem that values the health and responsible choices of our users. We developed specific features which allow our partners to meet the requirements of the local regulators, for example data exchange which we provide in some regulated markets like Germany or Greece. Our system is flexible and we can always come up with bespoke solutions in terms of setting up limits and we can adapt to always changing requirements.
What would you say is the one key obstacle facing the igaming payments sector and how will your company help the industry overcome it?
We believe the primary obstacle facing the iGaming payments sector is the need to achieve the balance between robust security and regulatory compliance while providing a seamless and convenient experience for users. Our compliance team acts like a gatekeeper, and that is why we are very cautious while expanding our businesses. We also prioritise user feedback and usability, aiming to deliver an intuitive and frictionless payment experience. Our user-centric Payment platform focuses on minimising complexities without compromising security. By combining all of the above: technological expertise, compliance knowledge, and user-centered approach, our company aims to help the iGaming payments sector strike the right balance between security and user experience.
Conversely, what would you say is the top trend to look out for in 2024 that could open up new possibilities for the payments sector? E.g. open banking?
Embedded finance is set to be a significant trend in 2024 and beyond. It represents the integration of financial services into non-financial platforms, products, and services, seamlessly blending banking and payments into various aspects of our daily lives. This trend holds great potential to expand access to financial services, as it embeds banking and payment capabilities into everyday applications and services. This means that even individuals and businesses in underserved or unbanked regions can gain access to essential financial tools, ushering in a new era of financial inclusion. At Aircash, we recognize the significance of this transformative trend. Our commitment to staying competitive and compliant in this evolving landscape is unwavering. We understand the pivotal role that embedded finance plays in reshaping the payments sector and are actively embracing and adapting to this change. The Aircash cash app, available for free download, serves as the heart of our mobile ecosystem. It enables effortless money transfers, payments, and deposits and withdrawals to online accounts, serving as a one-stop solution for streamlining day-to-day financial transactions. Moreover, it facilitates cash deposits and withdrawals through Aircash Mastercard, offering unparalleled convenience to our users. The Aircash cash app serves as a prime example of how embedded finance is revolutionising the payments sector by making financial transactions more accessible, user-friendly, and integrated into our daily lives. This transformative trend opens up new possibilities for financial inclusion, convenience, and innovation, and we are committed to leading the way in this dynamic landscape.
Is your company incorporating cryptocurrency, blockchain and other alternative payment methods into your offering? What do you see the future looking like for cryptocurrency and the blockchain in igaming?
As for Aircash current status with cryptocurrency and blockchain, we are actively studying the situation and exploring the possibilities of incorporating these innovative payment methods into our offering without compromising the security of our users. While the future of cryptocurrency and blockchain in iGaming is promising, it’s important to note that challenges, including regulatory hurdles and the need for user education, may persist. As the industry matures, collaborations between iGaming companies, blockchain developers, and regulatory bodies will be essential to ensure a secure, fair, and compliant environment for players and operators.
How do you ensure your offering remains compliant with different jurisdictions’ regulations – and what are the key markets/regions that you think will be key for the payments sector in the near future and why?
Ensuring compliance with regulations in different jurisdictions is a fundamental aspect of our business, and we prioritise it to maintain trust and uphold the integrity of our offering. Our dedicated compliance team and our strict merchant selection criteria are just a few key elements of our framework. The European market, particularly the European Union (EU), remains our significant focus due to its well-established regulatory framework, including PSD2 and GDPR. The EU’s commitment to open banking and digital transformation provides many growth opportunities.