Why Trust Payments Uses Vixio to Save Time & Keep Abreast of Ever-Changing Payments and Gambling Regulations

Vixio tracked 549,710 regulatory updates released globally in 2023 and of those, only 670 were actionable for payments companies. Yet, if a payments company misses even one relevant update, it can have major consequences.

Keeping up to speed on 670 different actional updates is no mean feat – it’s the equivalent of a full-time job - yet compliance managers still need to keep abreast of the relevant updates to ensure their team remains compliant.

So, Vixio talked to Comfort Balogun, Senior Compliance Analyst at Trust Payments, a leader in fintech and provider of innovative customer commerce solutions, to see how she keeps abreast of these ever-evolving updates, without spending countless hours on research.

Balogun explained, “[We use Vixio] to ensure that we are kept abreast of any new information and then inform the rest of the business to act upon it if required.”

The problem with manual regulatory intelligence tracking

When regulations are in constant flux, and every jurisdiction and region vary on the rules, it can be almost impossible to track everything manually. Balogun explains: “Our challenges can change from one month to the next… It's constantly changing.” Trust Payments uses Vixio to keep up to speed quickly on the most pressing updates.

“With compliance, you're always having to determine what’s very urgent and what you need to read immediately.  Vixio sends us great summaries so we can decide straight away whether it's something that requires our immediate attention to read now or later.”

_{-Comfort Balogun, Senior Compliance Analyst, Trust Payments}

Vixio links to the original source for every update. However, those can be dozens of pages long and are not always available in English. So, having simple summaries is like having the ‘groundwork done for you’ - Balogun says: “Sometimes with other regulations, you have to think about, what actions are required, and then try to interpret it. With Vixio, the groundwork has been done for you.”

The tools to simplify regulatory intelligence tracking

The team at Trust Payments use Vixio almost daily. Specifically, Balogun said that Vixio’s custom alerts, reports, webinars and in-house experts have helped save the team countless hours of research.

Alerts

“The alerts on the horizon scanning that we get I think is one of the most useful things that I find with Vixio for gambling and compliance.”

Vixio allows clients to set custom alerts covering 140+ jurisdictions across the world. We capture every event indicator of change, and you can access this information in real-time at the click of a button.

“The email alerts are very helpful, because it lets me filter by what I want to know information on. Daily emails are a great prompt, which allows me to be able to quickly filter through if there's anything that requires urgent review that we may have missed. It is great to be able to be able to just get a snippet of information, because obviously we then have to then take time to read it ourselves, digest it, make sure it makes sense. Instead of the big challenge of trying to digest all the constant change, Vixio provides a great snippet of the information we require, and lets us decide if we should look into it further.”

_{- Comfort Balogun, Senior Compliance Analyst, Trust Payments}

Reports

Vixio’s Report Builder allows Trust Payments to easily collate and compare regulatory requirements across multiple jurisdictions into one single report. It is a lot of data, and as Balogun explains, it can be overwhelming at first but is actually quite simple to generate: “I thought it was a bit overwhelming initially, but then when Vixio showed me how to use the tool it was quite simple to generate the report.”

Webinars

As the regulatory landscape evolves, Vixio hosts webinars with regulators, compliance professionals and thought leaders to help give a deeper level of intelligence required to act on current regulatory developments.

Balogun says: “During the webinars, you have analysts also going through how they filter through information, and you can talk to them live. I’ve also used the webinars  as a tool to see how to get the information that the industry is discussing at that time.”

In-house Experts

Besides bringing in outside views to comment on current developments, Vixio also has a team of industry-recognized analysts with an unparalleled level of expertise which clients can gain access to. As Balogun explained, “Every time we have called on for some sort of assistance regarding a particular area, our account manager has always found analysts  promptly to discuss   queries that we have. There's always been a response straight away; so, I really like the responsiveness that Vixio provides. Furthermore, Trust Payments has had a great experience working with the Vixio team.

“Our account manager has always been really helpful to jump on to show me how to use something if I need any additional information. And others have stepped in as well when he's not been in to assist quite promptly.”

_{-Comfort Balogun, Senior Compliance Analyst, Trust Payments}

In today’s rapidly evolving regulatory landscape, staying informed is critical for companies like Trust Payments, especially when operating across multiple jurisdictions. Vixio has proven to be an invaluable tool in helping navigate the complexities of compliance efficiently. Through custom alerts, detailed reports, webinars, and expert support, Vixio allows compliance teams to stay ahead of key regulatory changes without being overwhelmed by information. By simplifying regulatory tracking, Vixio not only saves time but also empowers businesses like Trust Payments to act promptly and stay compliant, ultimately minimizing risks and ensuring operational success.

If you, like Trust Payments, are looking to save countless hours keeping abreast on regulatory updates, get in touch.