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Open Banking Solution
Even with increasing restrictions and complex regulatory guidelines, the igaming/gambling market is expected to grow to $92.9 billion by 2023. In Europe, the gambling industry seems to grab the open banking revolution, and the new addition of casinos came to light in a very short time. Regulators are continuously re-evaluating their policies in an effort to keep the industry accountable, and because of new guidelines, global operators face different regulations in every market. Open banking processing solutions can be a game changer for such operators.
Open banking is revolutionizing the way businesses and customers interact with financial services. By allowing direct, secure transfers between banks and businesses, it eliminates traditional delays and intermediaries. For industries like iGaming, e-commerce, and fintech, open banking provides a faster, more reliable, and transparent payment experience.
Open banking allows secure financial service companies the ability to make transfers between banks and businesses. This new payment method allows players to improve the security of the deposits and speed up the process of withdrawal. Your transaction can be processed almost instantly, some seconds after the operator’s approval to a maximum of two hours later. Moreover, money transaction is safer. The customer’s bank transfers the funds to the company and vice versa. The last advantage is the elimination of the long and complicated registration process with the stifling document uploads.
Open banking is not just a trend—it’s a practical solution for modern businesses. By reducing transaction times, eliminating unnecessary fees, and improving security, it allows companies to focus on growth rather than financial friction. Industries handling frequent transactions, like online gaming, subscription services, or marketplaces, can especially benefit from adopting open banking solutions.
Open banking connects customer accounts directly to the business’s banking system via secure APIs. When a payment is initiated, the funds move instantly from the customer’s account to the business account, all while maintaining full compliance with regulatory standards. This process eliminates third-party intermediaries, speeds up settlements, and reduces operational risks.
Implementing open banking solutions allows businesses to provide faster, safer, and more transparent payment experiences. From instant settlements to eliminating chargebacks and unnecessary fees, open banking equips companies with a modern financial infrastructure that enhances efficiency and customer trust.
Yes, open banking uses secure APIs and bank-level authentication to process payments. Customers do not share card details or login credentials with merchants, making transactions highly secure.
Open banking payments are usually processed instantly or within a few minutes. In some cases, settlement can take up to a few hours depending on bank approval and local regulations.
Yes, open banking significantly reduces chargebacks because payments are authorized directly by the customer’s bank. This direct authorization lowers fraud risks compared to card-based payments.
Industries with high transaction volumes—such as iGaming, gambling, fintech, subscriptions, and online marketplaces—benefit greatly from open banking due to faster settlements and improved security.
No, customers can make payments directly from their existing bank accounts without creating new accounts or completing lengthy registration processes.
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