The UK gambling platform The Tote is updating its onboarding and fraud prevention procedures through a new partnership with TruNarrative. The Tote runs pool betting services for the British horseracing industry and the 6 million fans who visit the country’s tracks on an annual basis.
The company is turning to TruNarrative to make sure that its activities comply with the latest UK Gambling Commission regulations. In that regard, the Tote was particularly worried about the new affordability clause, which asks gambling operators to perform financial background checks to make sure that customers are not betting above their means.
TruNarrative will allow the Tote to fulfill that obligation while minimizing the amount of friction in the onboarding process. The platform runs on a single API, and can verify the identities of new customers in addition to the authenticity of any documents they submit.
Once a customer has been onboarded, the solution will provide ongoing transaction monitoring to determine risk levels and watch for any unexpected changes in someone’s behavior. The Tote can then intervene should it become necessary to protect a customer, or to prevent money laundering. New customers will be able to take advantage of a streamlined user interface, while the Tote will be able to manage the system through a centralized hub.
“We’re pleased to be working with TruNarrative to ensure we have the information we need on customers throughout their time betting with the Tote,” said Tote Operations Director Dani Johnson. “TruNarrative are excellent partners to work with for the Tote team.”
Many of TruNarrative’s recent customers have been based in the financial sector. The full list includes the Swedish banking start-up Jumi and the Equals Group, the latter of which oversees a number of different payment and e-banking brands. The Tote group similarly handles a high volume of transactions for its customers, even if it is a gaming service rather than a bank.