The Ultimate Checklist for Replacing PaymentIQ in 2025

Replacing PaymentIQ in 2025 is about more than just switching systems - it's about preparing for the future of payments in the iGaming industry. Here's why and how to approach it:

• Outdated systems can’t handle today’s demands: In 2024, players wagered €4.2 trillion, but legacy systems struggled with high volumes, slow payouts, and higher decline rates.

• Regulations are stricter: The Malta Gaming Authority (MGA) and EU now require automated KYC/AML checks, real-time reporting, and compliance with new standards like Malta’s Legal Notice 112 of 2025.

• Players expect better payment options: Mobile payments, e-wallets, and even cryptocurrencies now make up 40% of transactions. Your system must keep up to stay competitive.

• Future-proofing is key: The iGaming market is projected to hit €184 billion by 2028. A modern payment platform with AI-driven fraud detection, real-time analytics, and multi-currency support is essential to scale with this growth.

Steps to replace PaymentIQ:

1. Audit your current system: Document all features, integrations, transaction volumes, and compliance dependencies.

2. Set compliance standards: Ensure the new system meets MGA and EU requirements for reporting, KYC, AML, and GDPR.

3. Choose the right platform: Look for AI-powered fraud detection, cryptocurrency support, multi-currency handling, and fast integration.

4. Plan the migration: Create a roadmap, test all payment flows, and communicate changes clearly to players.

5. Monitor and improve: Track KPIs like transaction success rates, fraud detection, and player satisfaction to optimise performance.

A well-executed migration ensures your payment system isn’t just a tool - it becomes a driver of growth and player satisfaction.

#Vilnius2025 - Future-Proofing iGaming: Payments, Web3, and Player-Centric Innovation

Step 1: Review Your Current PaymentIQ Setup

Start by assessing your existing PaymentIQ configuration. This will help you pinpoint critical features and performance benchmarks that your next system needs to match - or even improve upon.

List Current Integrations and Features

Take stock of all the PaymentIQ features you're currently using. These could include multi-currency support, PSP integrations, fraud prevention tools, custom user interfaces, and real-time analytics capabilities.

Don’t forget to document backend integrations as well. These might involve intelligent transaction routing, failover mechanisms, forex conversion, risk management, KYC checks, and alert systems for payment outages. Features like "friendly fail" messages can also play a key role in user experience.

Next, list your active payment methods. With digital wallets making up 49% of global online transactions in 2022 - and projected to climb to 54% by 2026 - it’s essential to detail every payment option you support, from credit cards to bank transfers and e-wallets.

Also, make a note of any custom workflows or rule-based logic. PaymentIQ allows you to tailor payment rules, such as setting transaction limits and fees by country or payment method, even down to individual users. These configurations represent essential business logic that your new system must replicate.

Lastly, document your reporting and reconciliation tools. If you're using AccountIQ, PaymentIQ’s web-based reconciliation tool that automates transaction matching, this is a dependency you’ll need to account for. Your new system must provide similar functionality to ensure smooth operations.

Once you've listed all these features, turn your attention to transaction volumes and performance metrics.

Check Transaction Volumes and Peak Loads

Understanding your transaction data is key to choosing a payment system that can handle your needs. High transaction volumes can overwhelm systems, leading to issues like downtime, delays, or even failed transactions.

Review your transaction history over the past year, focusing on volumes, peak periods, and performance metrics like processing times and error rates. Identify when peak periods occur and how long they last.

Pay special attention to performance during these high-traffic times. Even a one-second delay in processing can reduce conversions by up to 20%. Note any instances of performance degradation during peak loads.

Also, consider your growth projections. Your new payment system should not only handle your current transaction volumes but also scale to meet future demand. Keep in mind that mobile and digital wallets now account for 50% of global ecommerce transactions.

With this data in hand, you’ll be better equipped to evaluate your system’s ability to meet compliance requirements.

Find Regulatory and Licensing Dependencies

Before migrating, it’s crucial to map out all compliance requirements tied to your current PaymentIQ setup. Regulatory standards from the Malta Gaming Authority (MGA) and the EU are continually evolving, so a thorough review is essential.

Start by documenting PSD2, MGA, and KYC/AML configurations. The revised Payment Services Directive (PSD2) aims to enhance security and protect consumers’ financial data. Note how your current system handles mandates like strong customer authentication and other PSD2 requirements.

Next, review your MGA and EU licensing obligations. Identify any recent updates or industry standards that could impact your processes.

Pay close attention to KYC and AML workflows. PaymentIQ facilitates compliance with built-in tools for KYC and AML checks, customisable limits for responsible gambling, and region-specific compliance features. It also offers real-time reporting and audit trails. Your new system must match or improve upon these automated processes.

Finally, check reporting and documentation requirements. Malta’s Legal Notice 112 of 2025, which transposes the EU Pay Transparency Directive into national law, introduces new provisions that come into effect on 27 August 2025. Ensure your current reporting capabilities align with these upcoming standards.

Don’t overlook any custom compliance configurations tied to your licensing agreements or operational jurisdictions. Whether it’s transaction limits, player verification workflows, or specific reporting formats required by regulators, your new payment solution must support these needs from day one.

Step 2: Set Regulatory and Compliance Requirements

It's essential to establish clear compliance standards for your new payment solution. Malta's regulatory framework demands strict adherence to both local MGA guidelines and broader EU regulations. Below, we outline the key reporting and technical standards required to ensure a smooth and compliant transition.

Check MGA and EU Compliance Standards

Once you've identified the relevant regulatory requirements, the next step is ensuring your system meets these standards. The Malta Gaming Authority (MGA) is known for its thorough regulatory framework, with financial transparency at its core.

Your payment solution must incorporate:

• Financial and Technical Reporting: This includes precise financial statements, revenue tracking, and technical system audits. The MGA requires annual audited financial statements submitted within six months of the fiscal year-end, along with bi-annual management accounts and detailed player fund reconciliation reports. These reports ensure clear tracking of deposits and withdrawals while verifying fund segregation.

• Revenue Reporting: Accurate reporting of taxable gaming revenue is a must. This involves documenting revenue calculation methods and complying with Malta's taxation framework. Your system should also handle gaming fund contribution calculations and provide transparent reporting.

• Player Protection: The system must support responsible gaming measures, such as self-limitation tools, monitoring player behaviour, and proactive intervention strategies. Detailed records of these measures are required, along with robust Know Your Customer (KYC) processes for identity verification and risk assessment.

• Technical Compliance: Regular system audits, third-party certifications, penetration testing, and infrastructure reporting are mandatory. The MGA also requires Random Number Generator (RNG) certification and detailed documentation for change management.

• GDPR Compliance: Payment data is classified as highly sensitive, so your system must employ tokenisation and TLS 1.2+ encryption for secure data transmission. Failing to comply with GDPR can result in severe penalties, including fines of up to €20 million or 4% of global annual turnover. The MGA enforces strict penalties for breaches, such as unauthorised operations, ignoring authority directives, money laundering, or payment failures.

Confirm Currency and Reporting Requirements

Your payment solution must efficiently handle EUR (€) transactions while adhering to Malta's standard reporting formats. Amounts should follow local conventions, using commas as thousand separators and full stops as decimal points (e.g., €1,234.56).

AML Compliance: The Prevention of Money Laundering Act (PMLA) and the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) form the backbone of Malta's anti-money laundering framework. Your system must support:

• Reporting suspicious transactions through the CASPAR platform, Malta's central system for submitting Suspicious Transaction Reports (STRs).

• Customer risk categorisation (low, medium, or high) and thorough KYC processes, including identity verification, residence confirmation, source of funds checks, and biometric tools for remote onboarding.

Continuous Monitoring: Your solution should provide real-time monitoring for suspicious activities and enable immediate reporting. It must also maintain detailed audit trails, particularly for cross-border payments or high-value transactions that may attract additional scrutiny.

Data Storage and Security: Compliance with Malta's data storage regulations is critical. This includes secure data deletion protocols and maintaining comprehensive audit trails. GDPR compliance also requires detailed documentation of all data-handling practices, consent management, and cross-border data transfers. Any suspected fraudulent activity or data breaches must be reported promptly, and automating these notifications can help meet the required timeframes.

Adhering to these standards is a crucial step before evaluating new payment solutions and planning your migration process.

Step 3: Choose a New Payment Solution

With your compliance framework in place, it’s time to zero in on a payment solution that combines strong security with an excellent user experience. The payment platform you choose will directly influence player retention and revenue, so it’s crucial to prioritise systems that deliver both reliability and ease of use. Let’s explore the key features to look for.

Focus on AI-Driven and User-Centred Capabilities

Modern payment platforms are increasingly leveraging AI to create personalised checkout experiences tailored to individual player behaviour. Machine learning can adapt the process in real time, making transactions smoother and more intuitive.

Here’s why this matters: nearly half of frequent bettors (49%) say a seamless payment experience is the most important factor when betting online. On the flip side, 32% of bettors would abandon an app if funding their account takes too long. A clunky or slow payment process isn’t just inconvenient - it’s a dealbreaker.

Choosing a platform that aligns with your brand’s identity is just as important. A generic interface can turn users away, and studies show that 88% of users are unlikely to return to a website after a bad experience. By focusing on user satisfaction and reducing friction, you can boost retention and revenue.

Real-time analytics play a key role here, helping you identify pain points in the payment process and optimise conversion rates. Businesses that simplify their checkout flows report a 35% increase in conversions on average, while merchants who refine their payment systems see improvements ranging from 20% to 30%.

Another feature to consider is intelligent transaction routing, which can increase approval rates by up to 10%. This technology selects the most efficient processor for each transaction, factoring in success rates, fees, and processing times.

Finally, make sure the platform supports a wide range of currencies and keeps up with cryptocurrency trends.

Support for Multiple Currencies and Cryptocurrencies

Your payment solution should seamlessly handle EUR transactions while also accommodating international currencies and emerging payment methods. It’s essential to follow Malta’s currency formatting standards (€1,234.56) to align with compliance requirements.

Malta has positioned itself as a leader in cryptocurrency adoption within the EU, with stablecoins like USDC and USDT becoming increasingly popular in the gaming industry. These digital currencies are gaining traction due to their price stability, making cryptocurrency support a must-have for staying competitive.

Multi-currency support is equally important for operators managing activities across multiple regions. Features like dedicated IBAN accounts for different currencies and access to global payment networks simplify cross-border transactions and reduce operational headaches.

Given Malta’s progressive stance on blockchain and financial technology, your payment solution should comply with evolving regulations such as MiCA and other EU standards for cryptocurrency transactions. Staying ahead of these changes ensures your platform remains compliant and competitive.

But beyond currency support, the ease of integration with your existing systems is another critical factor.

Prioritise Fast and Simple Integration

Even the most advanced payment solution can fail if it’s too complicated to integrate. A smooth and quick integration process is essential to avoid disruptions during migration.

Look for platforms with an API-first design that allows seamless integration with your current systems and payment providers. APIs also make it easier for customers to save payment details securely, streamlining future transactions and improving convenience.

Modular solutions that let you customise your payment stack are particularly valuable. With APIs for fiat, crypto, and alternative payment methods, you can adapt to changing player preferences without overhauling your entire system.

Pre-built integrations with popular iGaming platforms can also save time and reduce the technical resources needed for implementation. Opt for solutions that come with comprehensive documentation, sandbox environments for testing, and dedicated technical support.

Testing capabilities are especially important. A robust testing environment lets you simulate real-world scenarios and ensure compatibility before going live.

Lastly, seamless integration between fiat and cryptocurrency systems is a must. This unified approach simplifies operations and gives players the flexibility to transact in their preferred currency. By speeding up integration and reducing complexity, you can minimise disruptions and get up and running quickly, all while reducing operational risks.

Step 4: Plan and Execute the Migration

With your compliance framework in place and solutions evaluated, it’s time to tackle the migration process. This requires careful planning, thorough testing, and clear communication to ensure a seamless transition. Breaking the process into structured phases helps keep everything on track and ensures all stakeholders are aligned.

Build a Migration Roadmap

Start by creating a detailed roadmap that outlines key milestones, responsibilities, and timelines for the migration. This roadmap acts as your guide, keeping everyone focused and reducing the risk of missteps.

Involve key stakeholders from across your organisation early on. Their input can help you avoid costly mistakes and ensure no critical details are overlooked. A well-thought-out roadmap can save time and money while minimising disruptions.

Your roadmap should include essential steps like business analysis, gathering requirements, coding, system setup, testing, certification, and the final launch. Assign specific timelines and KPIs to each phase to maintain accountability. Identify any gaps in resources, whether in skills or budget, and address them proactively. Regular check-ins with task owners will allow you to monitor progress and quickly resolve any issues.

Don’t forget to include a timeline for terminating your existing PaymentIQ relationship. This involves more than just switching off the old system - it includes handling final reconciliations, exporting data, and wrapping up contract procedures. Lastly, make sure your plan incorporates a review of business continuity measures to keep operations running smoothly in case of unexpected challenges.

Once your roadmap is in place, the next step is to ensure the new system functions flawlessly by thoroughly testing your payment flows.

Test Complete Payment Flows

Testing is crucial to avoid revenue disruptions and to maintain a positive user experience. A smooth and reliable payment process is essential for keeping iGaming players satisfied.

During testing, evaluate every aspect of the payment system, including login functionality, transaction processing, support for multiple payment methods, device compatibility, transaction speeds, and integration with your existing systems. It’s also important to confirm that the new solution works seamlessly with tools like your CRM, player management system, and reporting software.

Consider using a structured testing framework. For example, manual testers can document their findings with screenshots and videos to ensure transparency and support informed decision-making. Simulate real-world scenarios, such as mock game rounds and deposit limit tests, to verify that reporting and data systems operate correctly in various situations. Schedule testing during low-traffic periods and use a phased approach to minimise risks. Combine automated tools with manual checks to validate data accuracy and ensure everything is mapped correctly.

With testing complete, turn your attention to communicating these changes effectively to your players.

Tell Players About Changes

Clear communication is key to retaining players during the migration. Keeping them informed builds trust and reduces the risk of churn.

Prepare straightforward, localised messages explaining the changes. Highlight the benefits, such as faster transactions, improved mobile experiences, or additional payment options. Transparency about how player data will be handled is crucial - reassure users that their payment details, transaction history, and account information will remain secure.

"Our goal is always to align more closely with our clients' needs and expectations", says Vitali Matsukevich, COO at SOFTSWISS. "The migration is not just about changing platforms; it's about providing a robust foundation that supports growth, enhances user satisfaction, and maintains continuity in player experience."

Offer multiple ways for players to ask questions or raise concerns. For instance, live chat integrated with your CRM can provide instant, informed support, boosting player confidence and loyalty.

Finally, ensure you have dedicated support resources ready during the migration. Equip your team to assist players with navigating new payment interfaces or understanding updated processes. Keep communication ongoing - share regular updates, celebrate milestones, and openly address any temporary inconveniences. This approach will help maintain trust and confidence throughout the migration process.

Step 5: Monitor and Improve After Migration

Once your payment system is up and running, the work doesn’t stop there. Regular monitoring is essential to ensure your system performs as expected and to pinpoint areas for improvement. This step ensures you get the most out of your investment while identifying opportunities to refine the system further.

Keep an Eye on Transaction Success Rates and Conversion

Tracking key performance indicators (KPIs) is vital to measure how well your payment system is performing. Did you know that payment failures can lead to up to 15% revenue loss for operators? That’s a significant hit to your bottom line, making this metric a top priority.

Focus on metrics that directly influence your revenue, such as transaction success rates, decline reason codes, chargeback ratios, and processing times. Analysing these across different payment methods and regions can reveal patterns and help resolve issues before they escalate.

Here’s a quick breakdown of how transaction types affect user experience:

Customer service metrics are equally important. First Response Time (FRT) shows how quickly your team responds to a player's initial query, while First Contact Resolution (FCR) measures how often issues are resolved in one go. Meanwhile, the Customer Satisfaction (CSAT) Score reflects how players feel about their support experience.

Don’t overlook security metrics either. Keep tabs on your Fraud Detection Rate to assess how effectively suspicious activities are flagged, and monitor your Bonus Abuse Rate to identify misuse of promotions through duplicate accounts, bots, or other methods.

Understanding failure types can also help you address problems more effectively:

These metrics are your roadmap for making timely adjustments and staying ahead of potential challenges.

Leverage Real-Time Analytics for Better Decisions

Metrics are only as good as the actions they inspire. Real-time analytics allow you to process transaction data instantly, ensuring you can act quickly when something goes off track.

For example, if your system detects unusual activity - like a sudden spike in transaction volume from one user or region, repeated failed attempts followed by a successful transaction, or mismatched billing and IP addresses - you can intervene immediately. Using tools like device fingerprinting can help identify returning players and flag potential risks, adding another layer of security.

Real-time data also helps personalise payment experiences. By analysing player behaviour, login patterns, and transaction histories, you can tailor your offerings while enhancing security. Keeping players informed about suspicious activity - like unusual logins or password changes - and making it easy for them to report concerns builds trust and safeguards your business.

Revisit Compliance and Documentation

As you settle into your new system, it’s crucial to ensure compliance protocols are up to date. Meeting ongoing requirements from the MGA and EU isn’t just about ticking boxes - it’s about protecting your operations.

Regular audits are a must. In 2021, the MGA conducted 54 on-site audits and 230 desktop reviews, covering 65.5% of licensees. This shows the level of oversight you should be prepared for. Strengthen your compliance measures by adopting a risk-based approach, focusing on high-risk areas, and updating staff training on topics like sports betting monitoring and player protection.

To stay audit-ready, update your financial reporting systems to meet new AFR and IFR deadlines and requirements. Ensure your documentation is thorough and organised. As EM Group puts it:

"Understanding and meticulously meeting reporting obligations represents far more than a mere administrative checkbox - it is a critical strategic imperative that can define an operator's long-term success and sustainability."

Consider implementing integrated data management systems and standardised data collection protocols. Automated reporting reminders, compliance calendars, and regular internal audits can help you stay on top of evolving regulations. Effective risk management is key to maintaining your licence and avoiding penalties.

Conclusion: Key Points for a Successful Transition

Replacing PaymentIQ in 2025 requires a well-thought-out strategy that blends technical precision, regulatory adherence, and a focus on player experience. This is more than just a replacement - it's a chance to elevate your payment infrastructure.

Thorough planning and preparation are the cornerstones of a smooth migration. Start by assessing your current setup, transaction volumes, and regulatory considerations. This groundwork helps you choose a solution that fits your needs and minimises unexpected challenges.

Regulatory compliance should be a top priority. As EM Group highlights:

"Understanding and meticulously meeting reporting obligations represents far more than a mere administrative checkbox - it is a critical strategic imperative that can define an operator's long-term success and sustainability."

Technology selection is critical. Look for systems that offer AI-powered personalisation, seamless integration, and support for multiple currencies, including cryptocurrencies. The payment landscape is evolving rapidly, and your new system should not only meet today’s demands but also prepare you for what’s next.

Execution is just as important as planning. Before going live, rigorously test all payment flows and ensure players are kept informed throughout the transition. Even small hiccups can erode trust and affect revenue, so communication and testing are essential.

Continuous optimisation is key. Once the new system is in place, use real-time monitoring and analytics to track transaction performance and maintain compliance. Regularly fine-tune your setup to ensure it remains efficient and aligned with your goals. This ongoing effort transforms your payment system into a driver of growth.

The iGaming industry moves fast, but operators who tackle the PaymentIQ replacement with careful planning, regulatory insight, and a player-first approach will gain a competitive edge. Your payment system should be more than a tool - it should be an engine for growth. Make your choice count.

FAQs

What key features should iGaming operators in Malta prioritise when choosing a new payment platform to replace PaymentIQ?

When choosing a payment platform, iGaming operators in Malta should focus on strong security measures to protect sensitive data and meet local regulatory requirements. It’s equally important that the platform integrates smoothly with current systems, supports transactions in euro (€), and ensures reliable processing without disrupting the player experience.

Here are some key features to consider:

• Real-time reporting for improved financial management and transparency.

• Intuitive interfaces to simplify day-to-day operations.

• Support for diverse payment methods, covering both local and global preferences.

• Sophisticated fraud prevention tools to safeguard player trust and ensure secure transactions.

By prioritising these factors, operators can achieve a hassle-free transition, maintain operational effectiveness, and offer players a seamless and secure gaming experience.

What steps should iGaming operators in Malta take to comply with MGA and EU regulations when switching to a new payment system?

To stay compliant while shifting to a new payment system, iGaming operators in Malta need to adhere closely to the regulations set by the Malta Gaming Authority (MGA) and relevant EU directives. This means ensuring valid licensing, meeting capital thresholds, and implementing stringent age verification and anti-money laundering (AML) protocols.

Operators must also keep an eye on any updates to MGA policies, such as revised capital requirements or changes to technical standards, and ensure their payment systems adjust accordingly. Regular audits, detailed documentation, and integrating compliance tools effectively into the system are essential steps to maintain smooth operations and avoid disrupting the player experience.

Keeping up with regulatory updates and consulting with local legal or compliance professionals can provide added assurance for a seamless and fully compliant transition.

What are the essential steps to successfully transition from PaymentIQ to a new payment solution in 2025?

To make the switch from PaymentIQ to a new payment solution as smooth as possible, start with a thorough needs assessment. Pinpoint the exact features your business relies on, ensure the solution aligns with Malta's regulatory requirements, and confirm it supports the euro (€) and caters to local payment habits.

Once you've outlined your needs, focus on choosing the right replacement. Look for a solution that integrates effortlessly with your current systems. Develop a step-by-step migration plan, complete with a clear timeline, to reduce disruptions. Make sure to thoroughly test the new system and have contingency plans ready in case any issues pop up during the transition.

Involve key stakeholders early in the process, and invest in comprehensive training for your team so they feel confident using the new platform. After the migration, keep a close eye on performance, tweak processes as needed, and ensure you stay compliant with Malta's regulations and industry standards. By taking these steps, you can provide a seamless experience for your players without missing a beat.