by Mateusz Mazur

Department of Trust Elevates Safer Gambling with FCA-Recognized RAISP Status

In a significant development for the gambling industry, Department of Trust (dotrust.co.uk), an award-winning provider known for its comprehensive financial risk assessments aimed at promoting safer gambling practices, has been officially recognized by the UK Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (RAISP).

This accreditation, under the Payment Services Regulations 2017, not only underscores the company’s commitment to fostering a secure gambling environment but also positions it as the premier safer gambling AIS (Account Information Service) provider in the industry.

Empowering Operators and Consumers with Open Banking

With this new RAISP status, Department of Trust is set to revolutionize the way gambling operators access and utilize financial data. By establishing direct connections with numerous UK banks and payment institutions, the company can offer a low-friction, privacy-centric model for conducting enhanced assessments of financial vulnerability, source of funds, and proof of income. This advancement is poised to significantly benefit operators by providing a more nuanced understanding of their customers’ financial standings, thereby enabling more responsible gambling practices.

Furthermore, Department of Trust’s consumer-oriented tool, BetBudget, leverages this access to empower individuals with better control over their gambling expenditures. By facilitating a more transparent and manageable approach to personal finance within the gambling context, BetBudget represents a pivotal step towards responsible gambling and financial well-being for users.

Innovative Solutions for a Safer Gambling Environment

The journey to achieving RAISP status was more than a year in the making and follows closely on the heels of the launch of DoTrust Complete platform in collaboration with The Rank Group. This integrated suite of assessments is designed to offer seamless, end-to-end risk evaluation of players, enabling operators to identify and support potentially vulnerable customers from the outset.

Charles Cohen, the visionary founder and CEO of DoTrust, emphasized the significance of this achievement, stating, “Becoming a RAISP is a major step forward not just for us, our customers, and users, but also for the role of Open Banking in supporting safer gambling generally.” Cohen’s remarks highlight the unique challenges inherent in financial risk assessments within the gambling sector, underscoring the need for tailored solutions that balance consumer protection with operational efficiency.

The RAISP designation is more than a regulatory milestone; it represents the gold standard in Open Banking, enabling Department of Trust to offer unparalleled service levels, innovate more rapidly, and maintain the highest integrity standards. This direct access to banking data is a game-changer, allowing the company to provide exceptional value while adhering to the rigorous compliance requirements of regulated markets worldwide.

Our Comment on the Article

Department of Trust’s recognition as a RAISP by the FCA is a watershed moment for the gambling industry, marking a significant leap towards more responsible and safer gambling practices. By leveraging the power of Open Banking, the company is not only enhancing the financial risk assessment landscape but also setting a new standard for consumer protection and regulatory compliance.

This development, coupled with the innovative BetBudget tool and the DoTrust Complete platform, illustrates a holistic approach to safer gambling, one that prioritizes the well-being of consumers and the integrity of the industry. As Department of Trust continues to lead the way in this vital area, its contributions are likely to shape the future of gambling, making it safer and more sustainable for all stakeholders involved.

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