For iGaming and sports betting operators, player verification is an important part of onboarding.

But it can also slow down the customer journey.

New players may need to provide personal information, upload documents, verify their address and confirm their payment method before they can make a deposit or place a bet.

A bank-based payment partner can help simplify parts of this process.

By using secure bank connections, operators may be able to verify certain player information through the player’s bank. This can reduce unnecessary steps and create a smoother onboarding experience.

Why Player Verification Matters

Player verification helps operators confirm that a customer is who they say they are.

It can also help operators meet applicable regulatory and responsible gaming requirements.

A typical verification process may include:

1. Registration: The player creates an account and provides personal information.
2. Identity verification: The operator confirms the player’s identity.
3. Document checks: The player may need to provide a government-issued ID.
4. Address verification: The operator may ask for proof of address.
5. Payment verification: The operator confirms that the payment method belongs to the player.

For players, completing several steps before making a first deposit can create friction.

How Bank-Based Verification Can Help

Payment partners with strong bank connections can help operators simplify parts of the onboarding process.

With the player’s consent, a bank-based payment flow can use information associated with the player’s bank account to help confirm certain details.

Here is how the process can work:

1. The player gives consent

The player chooses a bank-based payment option and provides consent to share the required information.

2. The player connects their bank

The player securely logs in through their online banking environment.

3. The payment partner verifies available information

The payment partner can confirm relevant bank account and identity information, depending on the solution and requirements.

4. The operator receives the required information

The operator can use the verified information to support its onboarding and verification process.

5. The player continues to payment

Once the required checks are complete, the player can continue with their deposit or other account activity.

The exact process will depend on the operator, payment provider and applicable regulatory requirements.

Benefits of Bank-Based Player Verification

Using bank connections can provide benefits for both operators and players.

Faster onboarding

Reducing unnecessary manual steps can help players move through registration more easily.

Better player experience

A simpler onboarding process can reduce friction before a player makes their first deposit.

Added security

Bank-based authentication can add another layer of security to the payment and verification experience.

Support for compliance

Payment and verification tools can help operators build processes that support applicable regulatory requirements.

Operators should still ensure that their overall verification process meets all applicable rules.

Lower operational effort

Manual document checks can require time and resources. Automating parts of the process may help operators reduce this workload.

Better conversion

When players can complete onboarding with fewer unnecessary steps, operators may see less drop-off during registration and first deposit.

What Should iGaming Operators Look for in a Payment Partner?

Not every payment provider offers the same capabilities.

When evaluating a partner, operators should consider:

• Bank connectivity: Does the provider have strong connections to Canadian banks?
• Payment methods: Can the provider support familiar local payment options?
• Verification: Can bank-based payments support parts of the player verification process?
• Security: How does the provider protect player and payment information?
• Integration: How easy is it to connect the solution to the operator’s existing platform?
• Risk management: Does the provider offer tools to help manage fraud and payment risk?
• Support: Will the operator have access to knowledgeable payment support?

Choosing the right partner can help operators create a smoother payment and onboarding experience without adding unnecessary complexity.

How Paramount Commerce Supports iGaming Operators

Paramount Commerce provides payment solutions for online businesses in Canada, including iGaming and sports betting operators.

Its bank-based payment solutions can help operators create a simpler payment experience while supporting their broader onboarding and verification processes.

Paramount Commerce offers:

• Interac e-Transfer®
• Instant Bank Transfer
• Online Bank Verification
• Strong Canadian bank connectivity
• Payment risk management
• Integration support

By combining payments with bank connectivity, operators can reduce friction across the player journey and create a more seamless experience.

Simplifying the Player Journey

Player verification is an important part of regulated iGaming.

But it does not have to create unnecessary friction.

Bank-based payment and verification solutions can help operators simplify parts of the onboarding process while giving players a familiar and secure way to connect their bank account.

For iGaming and sports betting operators, the goal is simple: make it easier for players to complete the required steps while maintaining strong security, risk controls and compliance processes.

Looking to simplify payments and player onboarding? Talk to Paramount Commerce about your iGaming payment options.

FAQs

What is player verification in iGaming?

Player verification is the process of confirming a player’s identity and other required information before they can access certain gaming or payment services.

Depending on the operator and applicable requirements, this may include identity, age, address and payment verification.

Can a bank account help verify an iGaming player?

A bank-based payment or verification solution can help confirm certain information associated with a player’s bank account.

The information available and how it can be used will depend on the provider, operator and applicable regulatory requirements.

How can bank-based payments improve player onboarding?

Bank-based payments can reduce some of the steps involved in making a first deposit.

For example, a player may be able to securely connect their bank account instead of entering payment details manually.

This can create a faster and more familiar payment experience.

Does bank verification replace KYC?

Not necessarily.

Bank verification can support parts of an operator’s verification process, but it does not automatically replace all Know Your Customer (KYC) requirements.

Operators should make sure their verification process meets the rules that apply to their business and market.

Why is a payment partner important for iGaming operators?

A payment partner can help operators manage more than deposits and withdrawals.

The right partner can also support:

• Payment method coverage
• Bank connectivity
• Fraud and risk management
• Payment verification
• Reconciliation
• Integration
• Customer support

A strong payment setup can help create a smoother experience for both operators and players.