-
Casinos for you
Online Casino Banking in the UK is Now Even Safer
By Shane Addinall Feb 25, 2023 IndustryLearn more about Open Banking for Gaming and how it will support players and online casinos through safer transactions and aims support to responsible gambling initiatives worldwide.We all believe that playing casino games is a form of entertainment. However, it is one hobby that has making deposits, requesting withdrawals and the potential of raking in significant wins at its core.
The centrality of these financial transactions is one of the ways in which gambling regulators were able to transition from unregulated to regulated jurisdictions. Blocking access to funds is an incredibly efficient way to ensure market channelisation.
It is also how the industry looks to support and protect the online gambling community. The correct systems and banking products are essential to limiting scams and encouraging responsible gambling practices.
UK-Facing Open Banking for Gaming
TransUnion, one of the largest credit reference agencies in Great Britain, has made provision for safer gambling-related banking with the launch of its Open Banking for Gaming product.
Adam Hancox, Director of Gaming at TransUnion in the UK, said:
Quote“We’ve created this new bespoke solution for the gaming sector by drawing on our expertise in affordability assessments - our new solution offers an enhanced digital experience for players, thanks to a purpose-built screen flow which takes them through the consent and authorisation required for open banking.”
From a consumer perspective, the process is as simple as completing a few fields, however, on the backend, it is utilising a robust system of checks and balances that includes over 330 categories and subcategories data to ensure that both the players and the casinos are protected.
TransUnion believes that this new Open Banking product will achieve a trinity of desirable outcomes: service players, protecting gaming operators and satisfying regulatory requirements.
A Host of Gambling-Friendly Products
TransUnion might have rolled out its Opening Banking for Gaming product in the UK, but its vision is to create a safer banking environment for the global online casino market.
The company offers a host of gambling-focused products, including:
- Player Onboarding: Real-time player identity verification and validation processes.
- Fraud Mitigation: Protection against fraud includes bonus abuse, account hacking, and fostering relationships with players.
- Player Affordability: The system uses models based on regional geo-demographics, income information, and real-time assessments of players' banking patterns and spending levels.
- Enhanced Single View: The product uses customer transaction data from major financial institutions to create an objective worldview of the casino’s player base.
In the future, we expect this product to be available across Europe and other international markets, including Gibraltar, Malta, and the Isle of Man.
You might also like