Sphonic Chosen by Betfair for Global Digital Identity and Know Your Customer Services

By   ISBuzz Team
Writer , Information Security Buzz | Aug 28, 2014 05:03 pm PST

Betfair has chosen London-based Sphonic’s innovative Identity & Risk Management solution, a tool which is designed “to solve industry-wide challenges in digital identity management and fraud prevention.”

Additionally, Sphonic has announced it has been selected by Betfair to provide KYC (Know Your Customer) services as a result of a major selection exercise.

The innovative Workflow Manager (WFM) solution from Sphonic will enable Betfair to build a complete digital picture of each of its customers, allowing them to combine data from a variety of sources for unparalleled visibility over their user base. Sphonic launched with Betfair during the World Cup period and is currently collaborating with Betfair across a range of anti-fraud prevention measures.

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“After a rigorous selection process, we are delighted to be partnering with Sphonic for our KYC services,” said Phillip Rivers of Betfair. ” We are dedicated to providing the highest level of customer service, and Sphonic’s integrated, real-time approach to big data ensures the needs of our growing user base will be met both now and in the future.”

Sphonic’s FACTS (Focus Around Customer Transaction Significance)-based approach to customer enablement and risk management was developed by its founder and Chief Product Officer, Andy Lee. Andy has a wealth of experience in advising major organisations in their digital risk management strategy, which led to the development of Sphonic. The FACTS approach extracts big data derived from third-party vendors’ technologies and then transforms it into significant, relevant data, the content of which provides a more intuitive, friction-free approach to customer identity risk management and authentication.
“We are delighted to be selected by Betfair; the deal is a hugely exciting one for us,” said Riten Gohil, CEO of Sphonic. “As a leading on-line gaming operator, they take a responsible approach to fraud and customer verification and yet are keen to ensure the customer experience is as frictionless as possible. This is an important philosophy at Sphonic. It can be found coursing through our years of collective experience in the digital risk management space, which has in turn led to our innovative approach.”

Sphonic supports a number of leading brands to manage the complexity of KYC Regulation and risk management in a challenging digital environment. Its flexible WFM solution works across the entire digital commerce eco-system, e.g. customer identity and on-boarding, transaction screening, payments, wallets, e-banking and m-banking.

Sphonic works with leading vendors in the risk management space who provide identity services, device fingerprinting, IP geo-location, URL tracking, negative data, behavioral biometrics and a whole host of other technologies through a single API that serve the end client. By working in collaboration with the industry, Sphonic is able to service a global client base, demonstrating value to all of its vendor partners.

About Betfair

betfairBetfair was founded in 1999 and pioneered the first successful Betting Exchange. Today, the company employs 1,500 people and is headquartered in Hammersmith, London with offices in Malta, Gibraltar and Romania. Betfair offers Exchange, Sportsbook and Gaming products to over 950,000 customers. Each of these units operates independently and is responsible for the design, build and sale of their respective products. Betfair is one of the largest betting and gaming operators in the UK. The Betfair Group holds gambling licenses in Gibraltar, Malta, Denmark, Spain, Italy, the United States and Australia.

For more information, visit www.betfair.com

About Sphonic

sphonicSphonic is the trading name of Symphonic Solutions Limited. The company was recently established with backing from private investors to develop and launch Workflow Manager. With the growth in e-commerce, mobile payments and consumer wallets, alongside increasing concerns around customer security, the Sphonic platform has been created with the growing demands for digital security. Workflow Manager enables clients to integrate with its innovative big data vendor network through a single API. Sphonic also provides professional services and research and development consulting for financial services, eCommerce and mCommerce clients globally.

For more information, visit www.sphonic.com

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