The gambling industry seems to have embraced the open banking revolution, and new types of casinos came to light in a very short time. That’s why we want to help you choose what is the most suitable for you among the open banking casinos online. First of all, let’s examine the topic in detail.
Open banking allows secure third party financial service companies the ability to make transfers between banks and businesses. This new payment method allows players to improve the security of the deposits and speed up the process of withdrawal. Your transaction can be processed almost instantly, some seconds after the operator’s approval to a maximum of two hours later.
Moreover, the money transaction is safer. The customer’s bank transfers the funds to the company and vice versa. The last advantage is the elimination of the long and complicated registration process with the stifling document uploads.
Whether you are a pro player or a novice, you’ll find a detailed list of the online casinos which have already adapted to open banking. We’ll take into account the bonus features and the opportunity to pick your payment method based on your country. If you would like to check out casinos with instant withdrawals, feel free to visit fast payout casinos online 2024 article.
Open banking is a financial innovation. It allows the sharing of private financial information from the customer’s bank to the so-called third-party.
Third-party is the API , acronym of Application Programming Interface. It’s a financial service provider. In other words, it’s the intermediary software that connects two applications.
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Open banking is most popular in the U.K. and Ireland, which are the first countries to have introduced it in 2020. Regardless, it’s spreading fast all around Europe, especially in Northern European countries such as Norway, Sweden & Finland, Germany and Poland.
Other countries, including Italy, France and Spain, are enthusiasts, and they will adapt in the next few years or even months.
Open Banking ensures safer and seamless charges, immediate payouts, and quick payments thanks to the client’s direct authentication.
Moreover, iGaming companies can identify potential fraudulent activities by accessing financial data and transaction history.
The British bank Monzo was the first to allow this new payment form on the open banking casinos.
Other banks are the Scottish Clydesdale Bank, Investec, Monese Ltd, Jordan International Bank, Sainsbury’s Bank, the Santander Group, S.G. Kleinwort Hambros Bank, Starling Bank, and Intesa Sanpaolo.
✔ Yes, open banking is more secure than you might think. There’s no need to share credentials or personal details with anybody except your bank and the third party.
When you’re playing, you can also enjoy easy registration on websites. It usually includes personal document uploads.
You can research diverse alternatives to Open Banking to meet your demands. You should compare services, features and support to see if it’s worth it.
In the last two years, various competitors emerged to cope with the outbreak of Open Banking. We can suggest the Digital Banking Platforms NETinfo, Backbase DBP and Oracle Banking Digital.
If you use this method of paying on the open banking casinos, you’ll get a deposit security improvement. Another upside is the acceleration of the withdrawal process.
Often you can obtain your funds instantly, some seconds after the operator’s approval to a maximum of two hours late. The last advantages are the simplification of the registration process and the opportunity to prevent addictive behaviours.
Gamblers could come across some disadvantages of open banking. The customer’s bank transfers funds to the company and players must pay extra fees until they give the money back.
And if they spend a huge amount or lose it, it can be a problem. Another downside is the open banking availability: few countries have adopted open banking. Even in the U.S.A. for now, it’s still all a work in progress.
Open Banking Casinos AvailabilityIn the last two years of the pandemic, the worldwide interest in open banking has grown exponentially. In the U.K., more than three million citizens are getting used to open banking-enabled services to enhance their financial welfare. There was a general improvement of the financial services, which became higher quality and fairer than ever. After the unexpected success in the U.K., other European nations recognised the power of open banking and they’ll adopt it in the short term.
Despite the trendsetting, a limited number of countries have adopted this new form of paying. In the UK, Ireland, Austria, Germany, in the Netherlands, Poland, Norway, Sweden & Finland there is a wide-scale adoption. Whereas there’s still a long way to go for other nations such as Italy, Spain and France.
The turning point for the spread of Open Banking in Europe was the entry into force of the Psd2, the Second European Payment Services Directive. Its aim is to regulate and promote the online payment system. It also makes it compulsory for banks to open up to the so-called third-party providers. API (Application Programming Interface) can access clients’ accounts and personal data. The main goal is to develop modern forms of payment, increasing security and protecting customers’ details at the same time. The third party’s task is to develop an application to access customers’ bank accounts. They usually work with local banks that enable them to provide consumers with their services, in our case, open banking online casinos.
Open Banking Casino ListLet’s analyse the best open banking casinos on the net. We’ll consider their games selection, the bonuses, the cashback and mobile availability. Also, you can check out the best payout casinos online 2024 in order to find an awesome casino!
VIPs Casino is another open banking casino with more than a thousand enjoyable games, live casinos and game shows. The founders can boast decades of experience in the gambling field, and their goal was to create a game made for players. There’s no need to download any app, but you can easily play on every browser on your desktop or mobile devices everywhere you want to. It’s one of the fastest and simplest casinos on the net, and you have the chance to generate a personal list adding your favorite games.
Moreover, the minìmum deposit is €10, and the maximum bonus is €500. On Mondays, for all the selection games, you can get up to 20% of cashback calculated on the difference between your winnings and your bets. The most valuable bonus is the welcome bonus. It offers a return of 100% on your first deposit and a total of five hundred free spins to the famous slot called Book of Dead. VIPs Casino is a secure and reliable online casino. Due to the European gaming licence, your money will always be in safe hands, and you can use the open banking way of paying. Aspire Global International Ltd. will manage all credit and debit card transactions and avoid saving your personal data.
Thanks to the vast game selection, you’ll never get bored. You’ll find popular slots such as Gonzo’s Quest and Gordon Ramsay: Hell’s Kitchen. There are also table games, live casinos, different kinds of roulettes, blackjack, and baccarat. You can also interact with a real dealer or other players from your home, chatting with them.
The type of player you are is not important: Mr. Play will meet your demands. Founded in 2017 by Aspire Global International Ltd., it’s going to hold a relevant position in the online gambling world.
This casino has an extensive store with thousands of games. You can try your luck spinning the reels of simple and classical slots or innovative and advanced ones. All the slots cover a stunning range of themes: fantasy, nature and environment, sport, history, and so on. You can also find branded games inspired by famous films, celebrities, and tv shows. Many of the games have unique symbols, profitable bonuses, weekly bonuses, birthday bonuses, payout multipliers, free spins and a monthly cashback. If you’re a novice, you’ll be eligible for a welcome bonus including up to one hundred free spins and a refund equal to your first deposit.
If you’re not fond of slots, the website has plenty of alternatives including table and card games, blackjack, several variants of roulette, baccarat, video poker and scratch cards.
The jewel in the crown of Mr. Play Casino is the huge sportsbook. Sports fans can bet on all kinds of leagues and international events as they’re taking place. It includes every professional football league, American football, tennis, horse racing, basketball, motor shows, rugby, and cricket to name a few.
Mr. Play Casino is adaptable to mobile devices (smartphones and tablets) and browsers without the necessity to install an app.
The first open banking casino to take into account is multi-award winner LeoVegas. This name recalls their logo, the Lion King and the magical atmosphere of the top gambling city, Las Vegas. Since 2012, the website has constantly been evolving in order to build user loyalty and upgrade its offers. The LeoVegas Group was the first to take open banking into the U.K. At the beginning of 2021, they announced the launch across all their online casinos.
Open banking makes the registration process simpler. It improves data security and offers the chance to get immediate deposits and withdrawals. First of all, you can open your banking lobby and pick the option “bank transfer” as a deposit and choose the amount. After that, you should select your bank from a list and log into it with your usual credentials. The bank will send the requested data to LeoVegas through the Data API (Application Programming Interface). It’s an intermediary software that permits the communication between two applications. If you’re doubtful about the circulation of your personal details, don’t worry. The partnership of Truelayer and LeoVegas doesn’t keep track of them on their servers.
The selection of games is large and notable. If you’re keen on slots, you will find the popular “Finn and the Swirly Spin” and “Starburst” for endless fun. The minimum deposit of the Open Banking Casino LeoVegas is €10, while the maximum one is €500. There are a welcome bonus and weekly bonuses, a weekend cashback which provides players with a refund of 15% on the losses, and you can win up to 225 Free Spins. You can find various types of games: classical board games (European roulette or American roulette), slots and 3D games. Card games such as poker and back jack are worth mentioning. The HD live streaming gives you the feeling of being seated at the green table for real.
LeoVegas is a top leader in mobile innovations. Games are available for all kinds of mobile devices and browsers so as to get the best quality of play at your fingertips.
Open Banking Casinos Encourage Safer GamblingThe spread of the pandemic all around the world resulted in an increase in online gambling. The venues that usually produced profit closed and there was an outbreak of online gambling websites and apps. The renewed media interest in this theme put the spotlight on all the risks related to gambling.
Besides, according to the National Audit Office, more than two million U.K. gamblers are in an “at-risk zone”: 395,000 of them already manifest mental health problems, relationship problems, and they’ve experienced a huge financial loss. For this reason, it became clear that it’s a social responsibility to help these people and ensure a safeguard in online gambling.
But how can open banking encourage safer gambling? Actually, there are a lot of benefits for people who decide to use this innovative method of payment. Firstly, it makes the client onboarding process much safer. Nowadays, the European Gambling Commission asks players to confirm their age and identity even 72 hours before the first round and deposit. But Open Banking reduced this process to a few minutes, tracking down fraudulent activities instantly.
Operators can also have permission to access the financial data and report at-risk gamblers with no positive balance. They analyse the periodical customers’ saves and expenses and their behaviour on the platform. Operators’ task is to recognise dangerous activities and take actions to prevent crises. “Taking action” means that they could submit risky users to support groups or suspend their possibility to deposit more money.
Open banking casinos and operators’ tools will create a personalised gambling experience. But also they will enhance brand loyalty and reduce addictive behaviours.
ConclusionIn conclusion, there are many good points in open banking and players should give it a try. Every country will make individual laws and it could lead to a confusing situation.
Generally speaking, the system needs improvement. But we are confident that in the next few years open banking will become accessible to everyone.