W2 launches real-time affordability checking platform

Global data technology firm W2 has launched a new real-time affordability-checking platform designed to help operators adapt to forthcoming regulatory changes in the UK. W2’s affordability platform aims to give operators a real-time view of what a customer earns on an individual level, without the need for further interaction. It utilises banking data feeds covering a period of up to 24 months across both joint and sole accounts and can factor in multiple addresses. The platform is split into two parts. One generates an affordability index report and score similar to the credit score process, while the other allows the operator to collect and verify the declared income of the customer. The Gambling Commission (UKGC) has said it will consider introducing mandatory affordability checks for UK-licensed operators, as well as the implementation of set limits designed to mitigate at-risk gambling. Affordability checks were also highlighted by the government in its own call for evidence as part of the wide-ranging review of the 2005 UK Gambling Act. “If you look at any of the pronouncements from the regulators in the UK and the upcoming review, front and centre to everything they’re doing is affordability,” W2 head of sales Peter Murray said. “For us at W2, it is all about offering a solution which removes friction but is compliant, and we believe that this new affordability solution is suited to both the needs of the regulator, the challenges the operators face and the consumers’ desire to be protected from harm,” Murray added. The new platform has been developed by W2 and Gibraltar-based compliance consultancy Crucial Compliance.