LeoVegas debuts open banking system in the UK
Leading online casino operator LeoVegas will become a pioneer in the open banking world following the announcement that it has acquired a roll-out of this innovative system in the United Kingdom. Thanks to direct merging with various European banks simplified through this banking model, customers in the UK will now be able to make use of more secure payment transactions.
Open banking makes sure that all payments are done quickly and more securely, while still keeping transaction fees low and providing independence from third-party providers. With this UK launch, LeoVegas is now the first to offer this service to its customers.
LeoVegas’ Group CEO Gustaf Hagman said that “secure, seamless and fast payments are incredibly important,” and also stated that having the opportunity to integrate directly with European banks across the board “will provide a superior customer experience offered by security and speed.”
Transactions that are conducted via open banking are also much more cost-effective when compared to traditional payment methods, Hagman stressed. In order to conduct these transactions, LeoVegas has created a proprietary platform.
“There is a high level of activity in our product and technology development organisation,” the CEO underlined, noting that 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,” Hagman stated.
LeoVegas’ goal now is to extend this incredible solution to other markets in Europe where the company’s operations in sports betting and online casino are already present and operational. Open banking is made simple by PSD2 (EU’s Second Payment Services Directive) with a view to developing the electronic payment market and creating ideal conditions for safe and secure payments.
Moreover, under open banking, customers are normally asked to give consent to allow banks to access their personal and financial data, whereas financial institutions then allow third-party service providers to make use of that data.
Open banking is also known as “open bank data” and is merely one of the many aspects of PSD2. It encourages stakeholders, such as banking institutions, to share information among themselves. The opportunities created by open banking include bringing together business models that could create a new payment ecosystem together once coupled and grow the added value for customers.