Yaspa Unveils Game-Changing Safer Gambling Platform with UK Innovation Grant
In a groundbreaking development for the gambling industry, instant bank payment provider Yaspa has been distinguished with a government grant from Innovate UK, the nation’s leading innovation agency.
This grant endorses Yaspa’s avant-garde web-based B2B platform that ingeniously integrates payments and artificial intelligence (AI) to identify and support vulnerable gamblers seamlessly.
Revolutionizing Player Safety with AI and Payments Integration
Yaspa’s pioneering platform is set to redefine the approach towards safeguarding gamblers by enabling operators to effortlessly pinpoint vulnerable individuals among the UK’s estimated 300,000 problem gamblers.
By leveraging open banking technology, the platform grants operators immediate access to comprehensive player transaction data at the deposit stage, offering a wide-angle view of a player’s gambling activities across various platforms.
The innovative application of AI modeling within this framework is designed to assess the risk of harm due to gambling, representing a significant leap forward in predictive accuracy and intervention potential.
Transforming Affordability Checks
This initiative is poised to transcend traditional consumer protection measures by incorporating payment data into the affordability check process, thereby eliminating the reliance on paper-based checks and single-operator data. This novel approach promises a non-intrusive yet effective method to assess financial vulnerability among players.
James Neville, CEO and co-founder of Yaspa, articulated the transformative potential of this initiative: “With Innovate UK’s support, Yaspa will play a pivotal role in the future of compliance within the gambling sector. With the use of fast-growing technologies including AI and open banking, our Safer Gambling platform will reimagine how affordability checks are conducted and actioned to protect vulnerable players.”
He further emphasized the shortcomings of current practices, highlighting how Yaspa’s streamlined process and comprehensive operator perspective will enhance both operator and player experiences.
Aligning with Regulatory Expectations
This strategic project aligns with the UK government’s envisioned reforms for the gambling sector, aiming to introduce frictionless financial vulnerability checks for players. The recommendation of open banking as a potential avenue underscores the alignment of Yaspa’s platform with regulatory foresight.
The support from Innovate UK facilitates collaboration with leading academics in the fields of Safer Gambling and AI, enabling the creation of a platform that melds exceptional data analysis with user-friendly deposit processes and real-time risk detection.
Our Comment on the Article
Yaspa’s innovative Safer Gambling platform, buoyed by the support of Innovate UK, marks a significant milestone in the evolution of gambling compliance and player protection. By harmonizing cutting-edge AI and open banking technologies, Yaspa is not just addressing the immediate needs of operators and regulatory bodies but is also setting new benchmarks in responsible gambling practices.
This initiative is a testament to the transformative power of technology in enhancing the gambling ecosystem, ensuring that player safety remains at the forefront of industry advancements. As the platform progresses towards realization, it holds the promise of establishing a more secure and transparent gambling environment for players across the UK.
