Going Strong After 20 Years
NEWave is celebrating its 20th anniversary with a new slate of paper- and time-saving solutions
One such area little noticed by the outside world but of crucial importance the gaming enterprise is financial compliance, and the need to document, track and store reams of monetary information generated by every jackpot win or table game payout. It’s a nexus that can quickly become a major logistical and legal problem for an ill-prepared gaming operation.
Fortunately, there are companies out there creating systems to ease all facets of the compliance process. One of the oldest and most successful of these businesses is NEWave, founded 20 years ago and offering software and systems that help the gaming industry streamline their audit, cage, compliance and document management functions.
“What we do at NEWave is develop niche products not provided by or superior to those offered by gaming systems providers,” said Jim Bach, founder and chairman of NEWave. “That is how we got our start 20 years ago, by providing U.S. casinos with document imagery and an audit program that streamlines the jackpot tax form and Title 31 compliance process.”
This product went on to become myCompliance Manager, still NEWave’s most successful and popular offering. The myCompliance Manager Suite completes files and archives all the federal, state and locally-mandated forms required from a casino for money laundering, taxes and suspicious activity. Beyond that, myCompliance Manager products will also validate identification documents, verify tax identification numbers, and provide alerts for OFAC or other watch lists.
“The best-selling product we have going now is our myCompliance Manager that does the Title 31 and gaming tax forms,” Bach said. “The reason this product remains popular is because the Fed keeps adding in more rules and regulations that the casinos have to follow since they are treating casinos as financial institutes and regulating them like banks.”
Whatever the reasons for purchasing and installing myCompliance Manager, a number of properties have been pleased with its results.
NEWave has also had success creating and marketing solutions that help gaming properties streamline other facets of their operations. Indeed, the company boasts that its solutions are all about reduction—reducing fines, reducing labor, reducing breakage, reducing storage and reducing cumbersome processes, which can lead to more accuracy, more streamlining, more focus on core business and more room in the operations budgets.
For example, NEWave’s myRevenue Manager suite of products helps properties get out from under mounds of paper and turn it all into searchable digital images and totalled columns. Featuring powerful search capability, myRevenue Manager takes just a few keystrokes and a couple of moments to find the missing penny in your jackpot/fill slips, table fills/credits, scrip, tax forms, cashier tickets, kiosk tickets and gaming slips, according to company literature. If an exception is uncovered, notices are automatically sent so the facility can either reconcile it or record corrective action.
“myRevenue Manager was originally created to help with the audit process around jackpot fills,” Bach said. “On a normal weekend, some properties had as many as 10,000 jackpot hits. That meant 20,000 pieces of paper they had to manage in addition to doing a daily tax return on how much their slot revenue was. We have since added in other capabilities such as paid in/ paid out, TITO, credit fills for table games and other documents casinos use to pay money out or take money in and do the same kind of audits.”
For casinos seeking even more help keeping track of documents and desiring to go paperless, NEWave offers the myDocument Manager suite—a collection of products and solutions that automates document flow, manages routing and approval of forms, digitally stores specialized gaming documentation scanned from NEWave’s other suites, and provides an end-to-end document solution for all departments, including HR, purchasing, security and more.
Despite the success of these products, the company is not resting on its laurels, and has recently introduced new products and components designed to further help casino operators. For example, NEWave has added two new components to its myRevenue Manager suite: Audit Manager and Vault Manager. Audit Manager scans, totals, balances and archives JP slips, table fill/credit slips, scrip, W2G’s and tickets using digital images. This product also locates missing and unredeemed documents and balances everything against the host system. Vault Manager tracks all transactions from issuing banks (cash, coin, chips, etc) to the front windows, POS banks, event banks and more. It tracks all the ins and outs from the vault area as well as provides cash ordering history for reference. This module works in conjunction with cash counting machines and provides tape totals for all cash and documents from all areas.
NEWave has also recently partnered with JOSEPH EVE Certified Public Accountants to launch NWJE University, an online training solution for casino compliance officers. NWJE University course content was developed by leading CPAs at JOSEPH EVE. With NWJE University, staff in every casino department can be trained and tested on compliance issues relating to anti-money laundering as required by varying laws and regulations. The system even automatically sends notifications when retesting is due.
“Training is a critical element of Title 31 compliance, and one which often leaves compliance officers frustrated and challenges,” said NEWave COO Tom Bechtel. “With NWJE University, staff from every department can train and test online from any computer, taking the time and headache out of the training and testing process.”
Ideas such as NWJE University arise out of NEWave’s familiarity with the gaming industry; a facet Bach believes will only grow stronger going forward.
“We have 35 employees and if you add up all our experience working in the gaming industry it would exceed 800 plus years,” Bach said. “We are gaming people, we come from the industry and we understand it. We have been on the other side of the fence. It gives us an advantage to understand how operators work and adhere to the rules without killing their operations.”