MasterCard executives plan software to make online gambling payments easier
Posted by Carl Barnett on 17 Feb 2010 at 10:02
A group of former MasterCard executives are preparing to facilitate payments for online casino operators.
A number of former bosses at the financial services company are planning a new payment processing software service, one which should make it easier for online casino companies to operate.
The new company is called Secure Trading, and it is poised to become a legitimate concern in the United States as soon as the much touted UIGEA is passed as law.
The posts at Secure Trading have been filled by some of MasterCard’s leading lights, including Chris Thorn, who was chief risk officer at MasterCard for a number of years.
MasterCard worked very hard to codify online payment systems so that online casino operators could not make payments.
However, many online casino operators were successful at avoiding this plan, by decoding their payments, therefore bypassing the MasterCard system. MasterCard recently produced a system that successfully blocks all payments. Secure Trading will seek to provide a safe and effective system for processing online casino payments.
This system will be ready to run as soon as the UIGEA becomes live and has effect.
Thorn, speaking to Online Casino Sphere, said: "Secure Trading’s turnkey system is primed to enable our customers to go live the moment Internet gambling is regulated".
