Background:
A digital platform offering skill-based gaming with cash rewards, referred to as “SkillWin,” sought to secure payment processing capabilities. However, SkillWin needed to demonstrate compliance with Visa and Mastercard’s stringent requirements for gaming merchants, particularly around geo-fencing and age verification.
Challenge:
SkillWin was required to complete an independent assessment of its controls to ensure adherence to the necessary regulatory standards and secure payment processing through Visa and Mastercard.
Solution:
Material Connections LLC provided a multi-faceted solution:
- Independent Control Assessment: Conducted a comprehensive review of SkillWin’s existing controls around geo-fencing and age verification, identifying areas for improvement to meet Visa and Mastercard’s requirements.
- Compliance Roadmap: Developed a detailed compliance roadmap, outlining steps for SkillWin to enhance its controls and operational processes, ensuring that all regulatory requirements were met.
- Implementation Support: Offered hands-on support to implement the recommended changes, including the integration of advanced technology solutions for geo-fencing and robust age verification systems.
- Registration Assistance: Assisted SkillWin in preparing and submitting the necessary documentation for Visa and Mastercard registration, ensuring that the independent control assessment and compliance measures were accurately represented.
Outcome:
SkillWin successfully passed the independent control assessment and met all compliance requirements for Visa and Mastercard registration. This enabled SkillWin to secure payment processing capabilities, facilitating its expansion and growth in the competitive skill-based gaming market.