Armalytix, a prominent fintech that empowers businesses to assess their clients’ financial standing in terms of risk, affordability, and source of funds (SOF), has expanded its open banking collaboration with Midnite. In a groundbreaking move for the UK, the rapidly growing e-sports and casino operator has integrated Armalytix’s new instant bank statement scanning technology into their compliance processes. This innovation allows Midnite to gather client data from any financial source, enhancing the efficiency and accuracy of their compliance checks.
Midnite will now be able to use Armalytix’s new instant, machine learning-powered statement scanning solution to conduct thorough customer checks quickly and seamlessly, saving employees significant time in manual reviewing of bank statements. Since the start of the new tool’s trial, Midnite employees have reported four hours of time saved daily in these manual searches.
Aras Kaplan, DMLRO & Anti-Financial Crime Manager, Midnite, says, “Midnite is proud to partner with Armalytix to harness their new Bank Statement Scanning Tool, which is proving to be a game-changer for our compliance and AML processes. This innovative solution empowers us to run transaction taxonomy on our customer bank statements, saving our analysts valuable time and enabling them to focus on high-risk areas that deserve deeper scrutiny.
By streamlining the workload and breaking down complex statements into clear, actionable insights, our teams can zero in on what really matters—protecting our community and maintaining the highest levels of integrity. We’re excited to roll this out and continue delivering a safe, responsible, and efficient experience for everyone at Midnite.”
Jeremy Lever, Head of Gaming and Accounting at Armalytix, says, “Midnite has been a fantastic partner for two years, and it’s a credit to our ongoing partnership and tech development that they’ve seen the value in adding our brand-new solution to streamline customer checks. We are really excited to see what the future holds for Midnite and for our growing position in the gaming space.”
For enhanced due diligence (EDD) checks, Midnite players now have the choice of sharing their bank information via either an open banking journey or sending in bank statements. Using Armalytix, Midnite’s customers now have the flexibility to share their financial data in the way that suits them best – either via open banking or by submitting bank statements.
With increasing regulatory pressure on the gambling sector to gain comprehensive insights into their customers’ financial health, Armalytix’s solution ensures no data source is left behind.