PayRetailers, the payment processor in Latin America and Africa, has launched an enhanced Pix payment solution to assist betting operators in Brazil as they prepare for new sports betting regulations set to take effect on 1 January 2025.
Through the updated PayRetailers Pix solution, the firm is aiming to help Brazil’s betting operators comply with new regulations that require payments to be processed through bank accounts registered to individual players.
Pix, Brazil’s instant payment system, has become an integral part of payment processing for businesses across sectors. The system boasts over 170 million users, with around 90 per cent of Brazil’s adult population using the system.
The new regulations introduce stricter compliance requirements, requiring all payment transactions for sports betting operations to be verified against player-registered bank account details. PayRetailers’ solution automates this process, enabling betting operators to seamlessly integrate compliance into their existing payment workflows.
Juan Pablo Jutgla, CEO at PayRetailers
Juan Pablo Jutgla, CEO of PayRetailers, said: “The sports betting industry in Brazil is poised for significant growth, but operators will face increasing pressure to comply with the new regulations. Our enhanced Pix solution helps operators strike the right balance between ensuring compliance and maintaining an optimal user experience.
“By automating the validation and verification processes, we eliminate the need for manual intervention, allowing betting operators to focus on innovation and growth. This is not just about meeting regulatory requirements – it’s about setting a new standard for the industry, where compliance and customer experience go hand in hand.”
Automating compliance
The enhanced solution provides real-time account validation, to ensure that transactions meet regulatory requirements without manual intervention. It also supports multiple registered accounts for bettors, streamlining the payment process while maintaining compliance.
PayRetailers’ solution also includes advanced treasury management tools, such as real-time balance monitoring and automated reconciliation, enabling operators to manage their financial operations more efficiently.
Daniel Niezgoda, CTO at PayRetailers, also added: “As Pix becomes central to Brazil’s financial system, the need for seamless payment processing paired with compliance automation has never been greater. Our enhanced Pix solution offers real-time account validation and intelligent routing, streamlining operations while reducing risks and ensuring efficiency. Designed to be scalable and easy to integrate, it empowers betting operators to navigate regulatory challenges effortlessly while optimising their processes for growth.”
The new features of PayRetailers’ Pix solution include intelligent routing to speed up payments, real-time validation of CPF (Cadastro de Pessoas Físicas, the Brazilian individual taxpayer identification number) and bank accounts, and automated handling of non-compliant transactions. By using these capabilities, betting operators can focus on growing their businesses while confidently meeting regulatory demands.
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