LeoVegas to Pioneer Open Banking Transactions
by Glenn Baird - November 30, 2020
LeoVegas has announced that they will be the first operator in the gambling industry to offer its customers the use of open banking transactions.
If a customer allows this then their financial data, previously only available to their bank, will be shared with LeoVegas. This means that affordability checks can be made more quickly than system currently allow, which in turn should speed up the gambling process for consumers, whilst ensuring their safety.
“Secure, seamless and fast payments are incredibly important and the fact that we now, through PSD2 (the Second European Payment Services Directive), have the opportunity to directly integrate with many European banks will provide a superior customer experience offered by security and speed,” said Gustaf Hagman, LeoVegas’ group CEO.
“Conducting transactions via open banking is also considerably more cost-effective compared with traditional payment methods. There is a high level of activity in our product and technology development organisation and it is exciting to see all of the innovations we are delivering to our customers. We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.”
New laws that allowed for open banking came into play in 2018. Up until this point, only the bank themselves had access to the complete financial picture for their customers in relation to their accounts. Through open banking this information can now be shared with third parties, but only at the customer’s say.
With tighter restrictions coming into place across Europe, especially in the UK, in order to keep gamblers safe, it is no surprise that LeoVegas has made this move and it will be no surprise when other gambling operators, especially those that will struggle to implement quick and seamless affordability checks, do the same.
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