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***GambLux EDITOR NEWS*** |
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New Transaction Processor for Online Gaming Introduced by Former Mastercard Officials
[Sunday, February 14, 2010]
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In London news, the newly established company, Secure Trading, will be setting up to operate in the US by the time Internet gambling is legalized. This is in response to recent blockings of Mastercard transactions to online gambling portals. The new financial transaction processor was created by former top officials of the card company to manage online casino deposits.
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The UK payment processor UC Group owns Secure Trading, with former Mastercard executives as members of the upper management, specifically, the head of customer relations, chief operating officer and chairman. The chairman, Chris Thorn used to work as the chief risk officer at Mastercard for 11 years.
Since the enactment of the UIGEA, Mastercard have found ways to code all transactions that helped them halt payments to online gambling websites. This method was somehow analyzed by gaming operators and they have quickly listed their charges as uncoded. However, the credit card company has come up with a more rigid system that can block all online casino payments, together with legitimate gambling charges that include domestic horse racing and state lotteries.
While Secure Trading is not planning on compromising the company's credibility by doing business in the US with the Justice Department on their tails, the company has high hopes that Barney Frank's plan to regulate Internet gaming would be possible this year.
As Chris Thorn says in his statement, the petition to regulate Internet gambling in the US have gained momentum for some time now and Secure Trading's turnkey system is all geared up to give the customers the gaming experience they deserve as soon as Internet gambling is finally regulated.
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