With Open Banking Could the way we pay in the future, changing greatly. The concept for Open Banking or the EU payment service directive, also called PSD2, was adopted by the European Parliament in 2018. So slowly, this also comes with the providers, because with the Leoves announces now The first gambling operator To implement Open Banking on his platforms. The provider not only promises one of them Safer and faster payment methodbut also one high cost savingsAs other than trust services such as PayPal or Klarna no license fees have to be delivered. Also for the customer has the use of advantages. One requires only access to his bank and can thus save more security mechanisms and the provider receives direct confirmation about the payment process.
Is Open Banking the future of gambling industry?
Already, shortly after the introduction, use More than 10% of users The new payment option and it can be assumed that this number will not only double in the next time, but multiply. Open banking could be the future of gambling industry, since one has long been after a Alternative to the many service providers wanted and now can now communicate directly with the bank of the customer. Open Banking is cost efficient and also increases safety. Two advantages currently in this industry where partially hundreds or thousands of transactions are carried out per day are of absolute importance.
What is Open Banking at all and how does it work?
Open Banking is the name in the United Kingdom and Ireland for the newly revised EU service provider directive with the Nickname: PSD2. PSD2 was created because so far there was no way to communicate with the banks for third-party providers. If a customer has carried out a transfer, the service provider had to leave either his word or was able to wait several days until the payment was received on his own account. Here came the payment service providers in the game, which always acted as a middleman between the customer's bank and the payment service provider.
Open Banking implements a powerful API that allows direct communication between service provider and bank. This makes it possible for the service providers to convince themselves whether a payment has been made. Open Banking calls this as "Account information service". In addition, there is also the "Payment service"In which a provider may initiate the payment itself.
What are the benefits for the player?
For the player, the advantages arise especially in that no further accounts are needed more. It is also likely that providers pass the cost savings to the player and greatly reduce the fees for use. Security concerns are hardly available. The API is programmed so that really only for the provider's relevant information to which you have approved yourself.
Conclusion
Open banking could be one small revolution initiate. However, the prerequisite for this is that more providers implement and offer technology. Then the flood of the payment service manager will probably extinction in the next few years. For the customer this would have only advantages, because it would lead to reduced fees and very fast payment transactions.
