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One of the top online casino operators, LeoVegas is about to become a forerunner in the open banking field. Although, this is subject to the company’s ability to secure a roll-out of this innovative system in the UK.
In effect, customers in the United Kingdom can now benefit from more secure and safer payment transactions. This is a result of direct integration with some European banks enabled through the new banking model.
Increasing the Speed and Security of Transactions
Open banking guarantees that all payments are carried out in a fast and secure manner while ensuring that transaction fees remain low and improving freedom from third-party providers.
Following LeoVegas debut in the United Kingdom, the company has become the pioneer to offer this open banking service to customers. The Group stated that as many as ten percent of its new customers in the United Kingdom have already chosen open banking as their preferred payment of choice.
What The CEO Had to Say
CEO of LeoVegas Group, Gustaf Hagman was quoted saying that ‘we are the very first in the banking industry to put forward this groundbreaking resolution which will modify how the payment industry works’.
He also stated that fast, seamless, and secure payments are very crucial. He further added that since the company has the opportunity to directly integrate with European banks around the board, they will be able to provide customers with superior experience and offer them speed and security.
Hagman also stressed that transactions carried out through open banking are often considered more cost-effective when compared to conventional payment methods.
So to carry out such transactions, the company has formulated an exclusive platform. Hagman further underlined that LeoVegas’ technology and product development organization is characterized by a high level of activity.
What More did He Say?
The CEO equally noted that it is thrilling to see all the inventions the company is delivering to its customers. He further explained that LeoVegas is the first in the banking industry to proffer this groundbreaking payment solution that will cause a positive change in the whole payment industry in years to come.
Hagman was also quoted saying that ‘ten percent of our new customers in the United Kingdom have already adopted this pioneer banking model.
LeoVegas has the intention to expand this innovative solution to other markets across Europe where the company’s footprints are already seen in online casino and sports betting.
About Open Banking
This type of banking is made possible through the European Union’s second Payment Service Directive (PSD2) with the aim of developing the automated payment market and create more favorable conditions for effective and safe payments.
Customers under an open banking system are usually required to grant the banks consent to allow them access to their financial and personal data. So financial institutions allow third party service providers to use the data.
Open banking is also called “open bank data”. It is only one of the facets of PSD2 and it urges stakeholders like banking institutions to communicate with themselves and share information.
Open banking creates a lot of opportunities which include; increasing added value for customers, creating a new payment system, and merging business models.
Lukas is the head author at Casinoble and responsible for all content strategies and what casinos we review.
Lukas has a background of playing poker in the early years of the poker boom in Europe. He became an expert within the online gambling and has been working as an author for several websites.