Global Payments Gaming Solutions will unveil enhancements at the Global Gaming Expo to its VIP Shield solution that helps casinos with their anti-money laundering and IRS reporting and reduces their compliance burden.
Introduced in 2018, VIP Shield, an open application programming interface (API) solution compatible with any gaming system, helps operators along with their compliance and cage staff eliminate manual processes surrounding anti-money laundering requirements. That includes filing reports on multiple transactions, chip log transactions and suspicious activity reports.
With this update, VIP Shield users will have access to a wider range of reports and reporting tools, as well as the ability to create more visibility between the cage, surveillance and finance departments, according to Christopher Justice, president of Gaming Solutions for Global Payments. The original benefits of VIP Shield, such as real-time verification, data encryption and easy integration, have also been updated to reflect a more streamlined user experience.
Global Payments continues to monitor operators’ strategic priorities and the evolving regulatory environment and will deliver new enhancements that assist in meeting their compliance obligations.
“Compliance is a central component to the payment and funds management process in the gaming industry, but is still managed through mundane, manual tactics in many organizations,” Justice said. “The new developments in VIP Shield further protect gaming entertainment organizations while bringing compliance management into the 21st century.”
The vision of the Gaming Solutions division is to be a single provider that customers turn to grow their revenue, connect guest experiences across the property and help casinos manage their risks.
“Global Payments is uniquely positioned that we have people throughout the organization who get up every day and go to bed every night in all parts of the world thinking about data security, risk mitigation, and fraud avoidance,” Justice said. “When you turn to an area like gaming, compliance is a huge area of risk for customers. We believe the market needs us to provide a solution and have a big presence in that space.”
VIP Shield as a turnkey solution helps customers automate and better manage a number of their compliance processes. Some casinos, however, are still doing those operations manually, logging the information on paper while some aren’t doing anything .
VIP Shield does it automatically and allows for immediate communication between departments so suspicious activity can be tracked and reported without the person who may be committing it even noticing.
“The cost of poor compliance processes and management can be hundreds of thousands and millions in fines and come with significant reputation damage,” Justice said. “Having lax Title 31 and other reporting practices can kill a business.”
Global Payments’ approach to technology is working with the existing infrastructure and integrating easily. It can be accessed through VIP LightSpeed and has customizable features.
“It provides a very high level of automation and coverage so compliance managers and cage staff can focus more of their time on serving their guests,” Justice said.
