Betfair partners with Sphonic for ID & KYC services

Betfair chooses London based Sphonic’s innovative Identity & Risk Management solution, designed ‘to solve industry-wide challenges in digital identity management and fraud prevention.

Sphonic’s 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 busy World Cup period, and continues to collaborate with Betfair across a range of anti-fraud prevention measures.

“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 approach of using FACTS extracts the big data, derived from the third-party vendors’ technologies, and then transforms it into significant, relevant data to provide 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, with years of collective experience in the digital risk management space which has led to our innovative approach.”