Prize Payments completes first live prize money payments

Automated prize payment system Prize Payments has put itself to the test in a live competitive setting for the first time.

Teams competing in the the Rainbow Six Siege Nordic Championship received prize payments within an average time frame of 15 hours following the verification of the final results.

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Developer Ubisoft looked to process payments to players and organisations in a more streamlined fashion, while maintaining compliance with European General Data Protection Regulation (GDPR) requirements.

The process of handling people’s personal information, navigating different national tax systems, multiple finance departments can often bog down the process. The 15-hour average turnaround time from verification of results is a significant improvement upon the usual waiting period for players.

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Han Park, CEO of Prize Payments expressed his pleasure at the company’s first outing: “We’re delighted to be working with Ubisoft on delivering such a seamless payment experience to winning players at the Rainbow Six Siege Nordics Championship. Winning players deserve prompt payment, with a completely GDPR compliant transfer, which is exactly what Prize Payments will always deliver.”

Prize money winners at the Nordic Championship hailed from six European countries, with 95 percent of them choosing to be paid via direct bank transfer using Prize Payment’s platform. The remaining winners elected to be paid via PayPal, cheque, or wire transfer.

Morten Ryberg, Marketing Director of Ubisoft Nordics was similarly happy with the results of the partnership: “Ubisoft is committed to providing the best player experience possible. That includes offering the smoothest experience possible for competitive players when it comes to payment of their prize money. We’re happy with our collaboration with Prize Payments for the Nordics Championship. Their solution ensured all transactions were handled transparently, in compliance with all GDPR and financial regulations and we are looking forward to keep working together in the future.”

Esports Insider says: A payment system that makes it easy to process and receive money, particularly from a player perspective, is something we can all get behind. If a platform can help players get paid, track payments, and make sure they have all the right information come tax time then it’s certainly one to keep track of.

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