MiFinity CEO Paul Kavanagh Speaks to TRC About Adapting Their Product for a Global Market and Unique Account Features Available to Betting Fans

Starting out life two decades ago as primarily an e-wallet provider, MiFinity has recently launched an instant transferal service through Open Banking platform, Volt. Benefiting from impressive growth figures in 2021, the team expanded on this confidence, doubling its merchant base figures in 2022 and operating in more than 225 countries, translating in 20 languages and 17 different currencies. Now featuring on a global scale, we spoke to MiFinity CEO, Paul Kavanagh about how the brand has achieved such impressive stats and how they adapt to meet the needs of customers in different jurisdictions.

 

AS: MiFinity is a popular payment solution, particularly within the UK and Canada. What aspects of your company make you stand out from the competition?

PK: MiFinity stands out from the competition in several ways. Our eWallet, specifically designed for the iGaming sector, offers players a convenient and secure solution for funding their accounts, making withdrawals, and managing their funds seamlessly. Unlike traditional payment methods that often involve lengthy verification processes, transaction delays, and potential bank refusals, MiFinity provides instant deposits and withdrawals, ensuring players have immediate access to their funds without unnecessary delays.

One aspect that sets MiFinity apart is our commitment to delivering an outstanding user experience. We have invested in creating frictionless and user-friendly experiences for players, ensuring that every interaction with our eWallet is smooth and hassle-free. Our team has worked diligently over the last 12 months to introduce several new developments, all aimed at providing our customers with a best-in-class user experience whenever they use their MiFinity eWallet.

Another notable advantage is our ability to offer like-for-like currency settlement within the MiFinity eWallet for the UK (GBP) and Canada (CAD). This means that players can transact in their local currencies without the hassle of currency conversions, providing a seamless and familiar payment experience.

 

AS: You have recently launched MiFinity Instant Bank Transfer which works on the basis of Open Banking and allows your customers to transfer money into their e-wallets from their bank in real time. What are the benefits of Open Banking as a transaction method?

PK: Open Banking as a transaction method offers several benefits to both customers and service providers like MiFinity. Firstly, when utilising Open Banking payments (powered by Volt in the case of MiFinity Instant Bank Transfer) transactions can be tracked from initiation to receipt. This transparency provides customers with greater visibility and control over their money, enhancing their overall payment experience. Additionally, the use of bank-grade security measures in Open Banking helps protect customers against fraudulent activities, ensuring a higher level of security for their transactions.

By incorporating Open Banking into our services, MiFinity aims to deliver an even better user experience to our global customer base. With MiFinity Instant Bank Transfer, customers can easily and securely transfer funds in real time from their bank accounts to their e-wallets, regardless of their geographical location. This convenience and speed enable our customers to manage their funds more efficiently and effectively.

We can also offer multiple options for depositing and withdrawing funds. This flexibility caters to the diverse needs of our customers, further enhancing their overall satisfaction.

Furthermore, the enhanced security measures and opportunities presented by Open Banking align with our commitment to providing a best-in-class customer experience. We recognise the importance of safeguarding our users’ financial information, and Open Banking helps us achieve this goal. The use of advanced customer authentication methods and secure real-time fund transfers ensures that our customers can transact with confidence.

 

AS: Money laundering and illegal transactions can be an issue for online gambling sites. Does MiFinity have fraud and/or anti-money laundering processes in place?

PK:Absolutely, we place great importance on combatting fraud and preventing money laundering activities. We have robust processes and dedicated teams in place to address these concerns, going above and beyond regulatory requirements to protect our customers and merchants.

Our fraud prevention measures involve a multi-layered approach that combines sophisticated technologies and expert analysis. We employ advanced fraud detection systems and algorithms to identify and flag suspicious transactions in real-time. These systems analyse various risk factors, including transaction patterns, account behaviour, and other indicators of potentially fraudulent activity.

In addition to technological measures, we have a dedicated fraud team comprised of experienced professionals who monitor and investigate suspicious transactions and behaviours. They are trained to identify and mitigate potential risks, working closely with our clients and merchants to ensure the highest level of security and integrity in our payment processes.

Our anti-money laundering (AML) procedures are designed to detect and prevent illegal financial activities. We adhere to regulatory requirements and implement strict Know Your Customer (KYC) procedures to verify the identities of our customers and monitor their transactions. This helps us identify any suspicious or high-risk activities that may be indicative of money laundering attempts.

We are continuously updating our processes and also stay abreast of the latest industry standards and best practices to stay ahead of emerging threats.

 

AS: Your customers are given access to some unique features through their MiFinity account, such as the ability to set up a multi-currency e-wallet.  How do you ensure you’re creating products your customers want? 

PK: Firstly, our in-house infrastructure and extensive network of partnerships with financial and banking institutions allow us to remain agile and responsive to marketplace requests and trends. This enables us to closely monitor market demands and identify emerging customer needs.

We actively engage with our merchants to gather valuable feedback and insights. Through ongoing conversations and collaborations, we listen to their requirements, pain points, and suggestions. This feedback serves as a crucial input in shaping our product development.

Our customer support department also plays a vital role in collecting feedback from customers. We encourage our customers to provide input, share their experiences, and highlight areas where they would like to see improvements or new features. The feedback received through customer support channels helps us gain a deep understanding of customer expectations and guides our product enhancement efforts.

Furthermore, our dedicated account management teams maintain close relationships with our clients. They serve as trusted advisors, providing guidance and insights into market trends and customer preferences. By actively listening to our account management teams, we gain valuable insights that inform our product development strategies.

Market research and analysis also play a crucial role in understanding customer preferences. We stay updated on industry trends, conduct market surveys, and leverage data-driven insights to identify evolving customer demands and shape our product offerings accordingly.

 

AS: Operating in various countries, how do you adapt your product to each new market you enter?

PK: One of the key advantages we offer is our combined infrastructure and global networks that are specifically designed to support the global marketplace. This means that merchants can rely on MiFinity as a single provider, eliminating the need to partner with multiple providers or negotiate with different banks. This streamlined approach simplifies the onboarding and integration process for our merchants, regardless of the market in which they operate.

We also collaborate closely with local regulatory authorities to ensure compliance with applicable laws and regulations, and with local banks and financial institutions to establish partnerships and integrate with their systems. This collaboration allows us to offer localised payment methods, such as preferred local currencies and popular payment options specific to each market. By incorporating these payment methods, we enhance the convenience and accessibility of our product for customers in different regions.

For global brands this is extremely advantageous as we can help them facilitate cross-border payments quickly and easily. We’re a strategic partner for any operator looking to enter new markets.

 

AS: What are the benefits MiFinity offers over other payment methods, particularly the more traditional ones such as the Visa debit card?

PK: MiFinity offers several distinct benefits over more traditional payment methods. These advantages include:

• Local Payment Methods: MiFinity supports over 75 integrated payment methods, making it convenient for users to top up their eWallet accounts from anywhere in the world. This enables customers to choose their preferred local payment method, providing flexibility and catering to diverse regional preferences.
• MiFinity eVoucher: Customers can use our eVouchers as a prepaid method of payment. This provides an additional layer of security and supports safer gambling practices, allowing customers to control their spending and manage their funds more effectively.
• Fast Transactions:  Transactions made through the eWallet eliminates the delays commonly associated with traditional payment methods.
• Super Low Fees: By eliminating the need for intermediaries like banks or credit card companies, MiFinity reduces transaction costs, making it a cost-effective solution for customers and merchants alike.
• Wide Range of Global Payment Partners: MiFinity has established partnerships with 75 integrated global payment partners. While supporting traditional payment methods like Visa and Mastercard, MiFinity’s platform enables money transfers to multiple recipients at local costs and in local currencies. This eliminates the need for costly international transfers and settlement fees associated with traditional payment methods.

AS: Having been nominated at the recent Global Gaming Awards for Payment Solution of the Year, it is evident of how influential MiFinity is becoming within the industry. With this in mind, how does MiFinity help the online gambling customer?

PK: One of the key ways MiFinity achieves this is through our versatile eWallet solution. We support multiple currencies, languages, and local payment methods, eliminating the hassle of currency conversions and allowing customers to engage in online gambling with ease.

To ensure the highest level of security, we’ve developed a robust app that provides enhanced protection for customers’ transactions. The app offers advanced security measures, safeguarding both funds and personal information. With this secure environment, customers can have peace of mind while managing their online payments.

The customer experience is at the core of MiFinity’s approach. The user-friendly MiFinity app has an intuitive layout and design, making it incredibly easy for customers to deposit funds, make payments, and send money quickly and securely. By streamlining the payment process, we aim to save customers time and effort, enhancing their overall online gambling experience.

MiFinity also goes beyond convenience and security by actively collaborating with merchants to revolutionise online gaming transactions. Through innovative technologies and close partnerships, we strive to improve efficiency, reduce processing times, and deliver a smoother payment experience for customers. This commitment to innovation ensures that customers benefit from the latest advancements in online gambling payment solutions.