WorldWatch Plus is delivering AI-based KYC and AML solutions to the gaming community
Artificial Intelligence (AI) is expected to take over daily activities currently handled by humans in the future, and, when that happens, more companies are willing to invest in this rising technology. An AI-based company, WorldWatch Plus, is dedicated to providing a platform of Know Your Customer Risk (KYC Risk) and KYC Identity (KYC ID) risk screening services to several industries, including gaming, through the use of Machine Learning (ML) and advanced Natural Language Processing (NLP). The company just went through a Series A funding round and has announced that it raised $2.9 million with the help of Naples Technology Ventures, which involved existing investors, including individual investors interested in technology.
The company is expanding its reach, especially in the areas in which KYC can be applied, and online gambling benefits greatly from this service. Online casinos and sportsbooks usually have their own KYC processes to properly identify players and better assist them with the process of depositing and withdrawing funds. Also, this process allows the companies to identify possible fraud or identity theft situations that affect both the gamblers and the service provider.
WorldWatch Plus uses its risk screening platform to gather, analyze and transform potential risky information obtained from thousands of sources worldwide – even from multiple languages – into an available index that is distributed in real-time. The process of getting to know the customer can take some time and money with current processes, through the use of AI it could be automated saving a lot of time and reduce operational costs for gambling companies.
WorldWatch Plus co-founder Chuck Papageorgiou explains, “After six years of development and market testing by customers in multiple industries, we are still finding new use cases for our platform solution; We have only scratched the surface of how much risk reduction we can deliver using the platform. Having the financial support, domain expertise, and significant industry connections of Naples Technology Ventures will help the team continue to execute on the vision even more rapidly and broadly.”