OneKey Payments launches a new BaaS solution

Following this announcement, OneKey Payments’ launch of the new Banking-as-a-Service (BaaS) service was made for customers, users, and betting operators, aiming to ensure security and efficiency in transactions in the regulated market. 

In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of clients and users, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. 

More information on the announcement

As the growth and development of financial inclusion, digital banking tools and high-risk gambler profiles also raise concerns that many transaction providers are acting outside of compliance with the new regulations and laws. 

With the new change in betting market legislation in Brazil, which requires segregated accounts and 100% of digital transfers being authorised by the Central Bank, new compliance challenges and difficulties will be brought for multiple betting operators and digital payment providers. At the same time, there is an increase in the number of payments originating from digital wallets and banks, many of which have not applied for a licence to the Central Bank yet, but still operate regularly. 

For OneKey Payments, these unauthorised providers represent a gap in payment security in the Brazilian sports betting market. This process can also lower the conversion rate of betting sites due to regulatory restrictions and require operations in order to take extra compliance measures and ensure the integrity of transactions. The laws are believed to also enable regulated payment companies to offer solutions to operators that ensure the integrity of the payment flow. 

The new BaaS solution was developed to deliver both a digital account for bookmarks and separate digital accounts for clients, with the ability to process transactions via Pix and debit cards instantly and securely. This also includes the latest KYC procedures and optimised safety protocols, in addition to all the knowledge accumulated from years in the Brazilian betting market.