Having built up a significant LatAm presence over the last five years, LexisNexis Risk Solutions is ideally poised to help new incumbents enter what’s shaping up to be a betting and gaming market of leviathan proportions. Adam Doyle, the firm’s Head of Gaming, explains all.
SBC: Can you tell us about LexisNexis’ ongoing activities in the Brazilian market and how does RiskNarrative fit into the equation going forward?
Adam Doyle: We’ve had boots on the ground in Brazil now for probably about five years, and we’ve been working in supporting the financial institutes within the country. With the amount of data we have and our technology, we can really help operators enter this market once it goes live around December.
Like in any market there will be different regulation requirements, so it’s just understanding what it needs to look like so we can do configuration and support the operators.
There is an early indication that a high level of responsible and social gambling will be expected too, which we can help with both onboarding and continuously monitoring a player via a single API.
SBC: Having had five years of experience in Brazil, what challenges has LexisNexis faced in that marketplace and how has it addressed them?
AD: Like any new market, the biggest challenge is getting some of the boots on the ground, building relationships with the right services, and making the right connections.
When you’re entering any country, it’s important to fully understand what data is required and what technology you need. The LatAm market itself is a developing market; we have to make sure that we’re doing everything that aligns with their rules and regulations.
If we look at the UK, you can do a lot of checks with just your name, address, and date of birth. But when we look at other countries like America, we would need to check social security numbers as well. Brazil is very similar, they have the likes of the CPF, which is around tax numbers, and other additional information would be needed, for example, the mother’s maiden surname.
SBC: How do you anticipate the new regulations taking shape and what preparations have RiskNarrative undertaken to be ready for them?
AD: It’s still unsure what the regulation will look like, but if we look at other markets it will likely involve IDV, AML, and KYC checks, and name, age, CPF number, address, and document verifications. If Brazil follows in the footsteps of the Netherlands, we might also be looking at other checks around responsible gambling and protecting players from harm.
We’re trying to make sure that we have access to as much data as possible within the Brazilian market. That way, we can support them with our own transaction and behavior model so operators can deliver an automated and frictionless process to their players and comply with whatever regulation may be put in place.
SBC: What qualities should operators be looking for when sourcing the services of a company like RiskNarrative?
AD: I think the most important thing is finding a provider who can demonstrate that they understand the regulations and can provide the data requirements needed. There are suppliers in the market that try and suggest that they are following suit when they’re not, which can really open up operators to fines or issues during their audits.
One thing with new markets is ensuring that the data that you’re using is the exact data that you need. The devil is in the details; it’s not always about the cheapest solution or the one that gives you the biggest match rate.
SBC: What does RiskNarrative’s platform bring to the table in LatAm generally and Brazil specifically?
AD: An important thing we can offer is speed to market. If an operator can get to the market three, four, or five weeks ahead of their competitors, this gives them a significant competitive advantage. RiskNarrative is built with natural language rather than technical code, meaning an operator is less reliant on individual third-party suppliers or a technical team.
Right now, our platform has over 50-plus third-party suppliers integrated globally; whether its name, address, date of birth, device documents, PEPs, sanctions, affordability, transaction monitoring, et cetera. So we are perfectly placed to help operators from day one.
The RiskNarrative platform is a single API solution that allows you to build different journeys for different jurisdictions. Using us, operators could enter lots of different, fast-growing markets, and have everything in a standardized process rather than having to have multiple different integrations.
Having been in the market for five years now, we already have a team that are all native speakers too. Any support and translations that are required regarding rules and results can be handled quickly and competently, making life easier for operators.
LexisNexis Risk Solutions will be exhibiting at this year’s SBC Summit Latinoamerica event and a full version of this interview is featured in the latest issue of SBC Leaders magazine.