LeoVegas has confirmed it will be the first out in the gaming industry to allow open banking transactions under PSD2 via the company’s proprietary technical platform.
The expansion of its offering will result in even more secure and faster payments for customers directly from their own bank accounts, as well as lower transaction costs and a reduced dependence on other payment service providers for LeoVegas.
Gustaf Hagman, LeoVegas’ Group CEO commented: “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.
“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.”
The UK is the first market in which LeoVegas has already launched payments via open banking. Customer data from the initial weeks show that 10% of all new customers already are choosing to initiate their payments via open banking. The solution will be successively rolled out across several of the company’s core markets in Europe.
Furthermore, the launch expands on the important relationship between open banking and PSD2, which aims to develop the market for electronic payments and thereby create better conditions for secure and effective payments.
It is one aspect of PSD2 and entails that actors open up and share information with each other. The opportunities afforded by open banking include coupling together business models that together form a new ecosystem for payments, creating added value for customers.
Expert Analysis: The integration of open betting within the UK betting sector represents something of a key moment for the industry. This will likely usher in a new era within UK sports betting as it embraces open banking, subsequently elevating efficiency and payment transparency for bettors.
