How VIXIO keeps payments provider Truevo on top of the latest regulatory changes
Truevo is a rising star in the payments world and is growing fast. Headquartered in Malta with an office in South Africa, the company opened locations in the UK, Bulgaria, and Singapore in 2019. Its end-to-end payment solutions span card acquiring, payment gateway services, push payments, and both virtual and physical point of sale products. Customers range from retail to travel but are concentrated in the payments and gambling sector. As a business operating in Europe, a highly regulated jurisdiction, compliance to a multitude of ever changing laws and regulations are crucial to the company’s success.
Truevo views compliance as a way to safeguard the company for the future and allow it to grow faster, rather than being an additional overhead. This progressive attitude means compliance is seeped into every corner of the business, from regulatory reporting and employee decision-making, to adherence to payment card scheme standards.
“The ever-increasing change coming from various regulators in different territories makes VIXIO Regulatory Intelligence a must for a compliance team at a business like ours.”
Dr Rachel Gauci, Head of Legal & Compliance
The challenge
With regulatory compliance pivotal to Truevo’s ongoing success, all employees must operate within the company’s compliance framework. This means that on a day-to-day basis the Legal and Compliance teams were required to manually research and scan a wide range of information about regulatory rules. This labour intensive and time-consuming practice involved many different sources. It also meant people had to stay on top of announcements themselves. Overlooking a new rule could put the business at risk of non-compliance. This could put its market reputation at risk and result in regulatory penalties.
The solution
Truevo turned to GamblingCompliance/PaymentsCompliance to handle the sheer volume and velocity of regulatory changes in its core markets. With the PaymentsCompliance and GamblingCompliance services, the Legal and Compliance teams have access to a single source of factual regulatory intelligence. Commenting on why Truevo chose GamblingCompliance/ PaymentsCompliance, Jean Borg, Chief Risk Officer explained, “The content on these platforms is timely and concise. The tools are easy to use and allow us to customize alerts. They also mean we can spread the workload across the team. Overall, it’s a great experience.”
The impact
As the business expands, GamblingCompliance/PaymentsCompliance has given Truevo a much simpler way to stay on top of global regulatory changes. Employees in multiple territories no longer spend time manually scouting various sources of information for the latest developments. Compliance and Legal teams within Truevo are now able to focus on strategic objectives whilst being able to react quickly to the changing regulatory landscape.