The recent change in betting market legislation in Brazil, which now requires segregated accounts and 100% of digital transfers authorized by the Central Bank, will bring new compliance challenges for hundreds of betting operators and digital payment providers.
According to Article 3 of Ordinance 615, from the Ministry of Finance, bettors' deposits and withdrawals must be maintained or sent to financial or payment institutions authorized to operate by the Central Bank.
There is an increase in the number of transactions originating from digital wallets and banks, many of which have not yet applied for a license to the Central Bank, but operate regularly.
For OneKey Payments, a payments institution licensed by the BC, these unauthorized providers represent a gap in payment security in the Brazilian sports betting market. This can lower the conversion rate of betting sites due to regulatory restrictions and require operators to take extra compliance measures to ensure the integrity of transactions.
“No one expects a bad experience when placing a bet and having their money refused, neither the bettor nor the bookmaker,” comments César Garcia, CEO of OneKey Payments.
“There is a significant number of digital banks and payment accounts being used by users coming from the financial inclusion promoted by the Central Bank, who only have these banking channels, but who, by Ordinance 615, will be prevented from participating in the new regulated market.”
OneKey Payments believes that this regulation of the betting market provides a key opportunity for innovation, enabling regulated payment companies to offer services to operators that ensure the integrity of the payment flow.
“We developed our new BaaS (banking as a service) specifically thinking about meeting all the needs of users and operators through a 360º solution, which meets the requirements of the new Brazilian legislation for the iGaming market, ensuring that 100% of the market is included in the flow of payments to our customers, ensuring high conversion rates,” explains César.
The new solution offers both a digital account for bookmakers and separate digital accounts for users, with the ability to process transactions via Pix and debit cards instantly. It also includes the latest KYC (Know Your Customer) process, cutting-edge security protocols, in addition to all the knowledge accumulated from seven years in the Brazilian betting market.
“The betting industry is a high-risk market, but we believe our accumulated experience and positive reputation as a provider of payment services to many of the largest sportsbooks make us a safe choice for operators looking to thrive under the new regulation,” continues OneKey Payments CEO.
“Not only are we 100% ready to operate in Brazil in light of Normative Ordinance SPA/MF nº 615, we see this as a fantastic opportunity to bring more innovative solutions to more satisfied customers,” he concludes.
OneKey Payments currently processes more than R$3 billion (US$ 550m) in monthly payment volume for betting operators.
OneKey Payments is an IP specialist in payments technology licensed by the Central Bank, offering a complete BaaS ('banking as a service') that allows companies to scale their inbound and outbound transactions simply and securely, with total performance optimization .
The company presents a complete international gateway solution with easy plug and play integration and payment solutions in Brazil and around the world using Pix, bank slip or credit card.
Source: GMB
