Supporting Socios.com’s mission to reward passion and loyalty in sports
Part of HX Entertainment Ltd, Chiliz is the world’s leading blockchain fintech provider for sports and entertainment. Built on the Chiliz blockchain infrastructure and using $CHZ as its on-platform currency, Socios.com is the biggest non-exchange blockchain-powered app globally. It allows millions of fans to purchase branded Fan Tokens from some of the biggest and most renowned sports teams in the world.
Fan Tokens grant sports fans access to highly engaged communities where participation in games, club polls, predictors and other gamified features unlocks access to rewards including club merchandise, VIP tickets, and unique, memorable club experiences.
Challenge
To run its businesses and token-gated community, Socios.com requires reliable and efficient business accounts to support commercial operations and facilitate the merchant wallets that hold and sell Fan Tokens.
Beatrice Collet, Head of Operational Developments and Global Payments at Chiliz and Socios.com explains, “We offer a new and totally different sporting and loyalty experience, so building trust with reliable operations as we scale up is vital. The last thing we need is for poor banking processes and functional friction to get in the way of growth as our partner base and market footprint expands. We wanted more control and better business account performance”
Solution
Socios.com chose TrustPay because it provides easy-to-access, innovative internet banking solutions including digital accounts specifically for rapidly expanding cross border online businesses. It also offers more freedom in how accounts are set-up and managed – vital to both companies as their operations continue to evolve.
In addition, TrustPay’s business accounts are convenient and quick to open and can optimise operations by providing easier instant transfers between accounts, and advanced time and resource saving functions such as multi-user transaction approval and independent user management.
Benefits
As well as offering paperless and remote boarding for rapid access to new accounts, TrustPay enables Socios.com to embed its corporate accounts directly into existing business workflows so it can automate supplier payments, employee wages and download customised reports and account statements. And, if they want to send payouts in batches, they just upload a single file with information on all the payments they need to send, and they’re done.
“We constantly push ourselves and our partners for better, quicker results. TrustPay is not only responsive but delivers the digital accounts, easy boarding and automated features that we need to optimise our operations.
“In addition, it allows us to centrally manage all of our accounts, even across various legal entities, using a single, online interface that gives us a clear overview of our finances at all times – vital for rapidly growing global businesses,” says Beatrice.
Results
In 2021, Socios.com generated over $200M in revenues for sports teams plugging into its fan engagement and reward ecosystem.
Today, over 170 major sporting organisations, in 27 countries – including UFC®, FC Barcelona, Juventus, AC Milan, Paris Saint-Germain and Manchester City – are now partnered with Socios.com. Many more leading sports and entertainment properties from around the world are set to launch Fan Tokens soon.
Beatrice concludes, “We’re lucky to have some very talented people working for Chiliz and Socios.com, supporting an amazing roster of clients. Having worked with us from the start, TrustPay is a valuable part of this team, supporting our growth ambitions with fast and flexible accounts that free us to focus on the fan experience and making more of their dreams come true.”
