SecureTrading is New US Online Payment Processor

February 16, 2010 | News Category: Casino Banking

0 Comments

Although things may not be moving as quickly as one would like with Barney Frank's online gambling bills, large companies, such as the United Kingdom based company, UC Group Ltd, are showing that they believe that Frank's bills will be passed, and online gambling will be regulated and legalized in the United States sooner, rather than later.

Three ex-MasterCard executives will be holding key positions in the UC Group Ltd's subsidiary SecureTrading Inc. SecureTrading has been created in order to ensure that the payment processing company is ready to serve the United States market as soon as the opportunity arises. The company plans to ensure that the necessary consumer protections will be securely in place, and that online gamblers will be able to use their services that ensure safe financial transactions.

The three ex-MasterCard executives now hold the positions of Chairman of SecureTrading, Chief Operating Officer of SecureTrading, and the position of Head of Customer Sales and Support. Chris Thom, the Chairman held the position of risk officer at MasterCard. Ted Friedman, the COO, worked at MasterCard New York, and in Belgium for Europay International. The Head of Customer Sales and Support for Secure Trading, T.J. Sharkey, was formerly employed at MasterCard for 17 years.

Mr. Thom said, "As Congress prepares to take the final step, Secure Trading Inc.'s turnkey system is primed to enable our customers to go live the moment Internet gambling is regulated." He feels that it has been clear that the subsidiary has been created at just the right time. "Momentum for regulating Internet gambling in the US has been building for some time now."

The announcement of the creation of SecureTrading has come at an excellent time, with US players still reeling from the blockage of both MasterCard and Visa online casino payment transactions. Players and online gambling operators will be looking for alternate reliable and trustworthy options.

SecureTrading will include various forms of security, including age verification. Problem gamblers will be able to self-exclude from any kind of online gambling activity, and can also seek help online. The software will ensure that the laws of each location where it is used, will be upheld, especially in cases such as differing legal ages in different states.

Mr. Friedman said "We're building a business model to support the (proposed) government regulations and work with operators of online gambling sites." He noted that at this time, "Millions of Americans gamble and use off-shore sites. None are regulated by US regulations."

SecureTrading Inc. is settling into the US, most likely in Connecticut, as Friedman explained "We're looking for office space now. We'll end up in the Wilton-Norwalk area."