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MrQ.com, the UK’s fastest growing online casino, has seen a dramatic increase in the number of players willing to submit financial data for affordability and source of funds checks after implementing ClearStake’s industry tailored smart financial data request solution.
Through the integration of ClearStake, MrQ enables its players to quickly, easily and securely share data via their banking app in under 30 seconds, rather than having to manually supply physical documents.
55% of MrQ’s players are now seamlessly submitting their financial data, laying rest to the long-held market belief that players are unwilling or unable to share the financial data required for affordability and AML checks.
The adoption of ClearStake was part of a larger review by MrQ of its processes, designed to solve issues surrounding the cumbersome process of manually requesting and analysing documents which had historically seen poor uptake from players.
ClearStake has also enabled MrQ to reduce affordability and AML case review times by 46% through seamless follow up requests and reliable data verified directly from the bank, in contrast to requesting physical documents which are prone to fraud, error and unreliable OCR extraction.
MrQ’s remarkable results will no doubt give comfort to other operators who need to navigate the challenges of an increasing number of checks as the UKGC sets to fulfil the recommendations of the white paper.
Savvas Fellas, Founder & CEO at MrQ.com, said: “At MrQ.com we are committed to our mission of offering ‘value-entertainment’. In today’s regulatory landscape this goes hand-in-hand with the security and wellbeing of our players without negatively impacting their entertainment experience or worse, discouraging them to seek their entertainment from within the regulated space.
“We are constantly looking into new ways of navigating our regulatory obligations by embracing new and up and coming technology services. We share ClearStake’s vision on the utilisation of open banking technology and leveraging this to keep our learning curve ahead of those around us.
“ClearStake offers MrQ a strong route towards achieving seamless affordability and AML checks. ClearStake’s feature-rich platform, player-centric design and speed of integration made them the clear supplier of choice, and we look forward to furthering the capability of the technology around thresholds like Standard Due Diligence and our Enhanced Due Diligence checks.”
Martin Burt, Founder of ClearStake, said: “We are delighted to be working with such a forward-thinking market leader who share our vision of how new technology can transform an industry.
“This partnership with MrQ demonstrates that ClearStake’s technology is trusted by the industry’s leading brands and is a fantastic testament to the strength of our product.
“We are thrilled with the results to date which unequivocally demonstrate players’ willingness to share data when required. Furthermore, we are excited by the opportunity to fully automate once resource intensive compliance processes and continuing to delight both players and operators alike.”