Speaking to SBC Media, reconciliation software developer Aurum Solutions underlined the need for centralised control over iGaming payments.
The company attended last year’s SBC Barcelona Summit, an industry-specific event aimed at bringing together leading operators, suppliers, regulators, and stakeholders in sports betting and iGaming.
Drawing from the group’s expertise of working alongside iGaming clients, Aurum Solutions analysed the growth of the sector requiring a common regulatory framework for payments.
Tiago Veiga, Head of Business Development, commented: “It’s a well-known issue in the industry. The more companies expand, the more payment methods they must have. There needs to be one centralised tool for control.
“In the end of the day there’s not much difference between a gaming operator and a bank, or a finance company. They all handle money. They need to make sure it’s segregated and that there is pressure from regulators. That’s what we hope to do, we hope to control these payment methods.”
Adding on to the topic of expansion, the company also acknowledged that with great power comes great responsibility, painting a picture of the challenges every business meets when trying to broaden operations.
Vasco Rodrigues, Marketing & Comms Manager at Aurum Solutions, added: “The industry is growing. More markets there are that are being regulated, more companies are targeting new places, all that means more challenges. More payment methods, more integrations, more focus on security. Making sure that if they are operating in so many different markets, all the money is where it should be.
“With as little effort as possible, because the more transactions, the more work they will have to do by hand. And with a platform like ours, that’s the goal – to make everything easily integrated and have one single truth source.”
Aurum Solutions provides reconciliation software that helps companies manage their payment methods and assists with money regulation compliance. As the firm reflected on its ‘great journey’ so far, the management duo expressed high hopes for the future.
“With the natural expansion of the industry, more and more markets being regulated, we have to support our clients. Moving to America was a big step for us, we started to have more clients. We hope that we keep growing, it’s been a great journey so far,” concluded Veiga.