OneComply Expands into Open Banking Payments Sector with Trustly Partnership
OneComply, a solution developed by GeoComply, has announced its entry into the Open Banking Payments sector.
Leveraging its expertise in compliance and license management originally tailored for the gaming industry, OneComply is now streamlining the licensing processes for Trustly, a global leader in Open Banking.
Trustly’s Adoption of OneComply
Trustly has integrated OneComply’s automated and centralized solution to simplify the filing of gaming license applications.
Halli Calabrese, Head of Enterprise Risk and Compliance at Trustly, highlighted the benefits of this partnership: “We were drawn to OneComply as it provides an automated and centralized solution to simplify the process of filing gaming license applications. OneComply also assists us in keeping track of license renewals, which helps Trustly to manage our licensing process more efficiently.”
Importance of Licensing for Compliance
For companies like Trustly that facilitate transactions for gaming operators, holding the necessary licenses in each state of operation is crucial. Proper licensing ensures compliance with regulations aimed at protecting consumer financial data, combating fraud, and maintaining the integrity of the gaming industry.
Without proper licensing, companies risk facing substantial fines, legal issues, and reputational damage, which can hinder their operations and affect their gaming partners.
Addressing Regulatory Challenges
Open Banking in the gaming sector brings its own set of regulatory complexities. OneComply’s platform addresses these challenges by offering:
- Automated multi-jurisdiction license applications
- Centralized management for license renewals and compliance tracking
- Streamlined workflows for enhanced efficiency
Aaron Gould, GeoComply’s Vice President of Identity and OneComply Co-Founder, emphasized the strategic importance of their platform: “OneComply recognizes the immense potential of Open Banking in the gaming sector and the need for robust compliance of these solutions. Our deep expertise in the gaming industry paves the way for the success of new entrants into this ecosystem, and we’re proud to partner with innovators like Trustly.”
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