Online gaming operator LeoVegas is set to be the first in the industry to allow open banking transactions under PSD2, via its proprietary tech platform. 

The company says the development will allow even more secure and faster payments for customers, directly from their bank accounts, along with lower transaction costs. It will also reduce LeoVegas’ dependence on third party payment providers. 

Discussing the news LeoVegas Group CEO, Gustaf Hagman, said:

“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.”

LeoVegas has already rolled out open banking payments in the UK, with 10% of new customers already choosing the option. Open banking will now be launched in several of the operator’s core European markets. 

AYO.NEWS says:

Should payment service providers be worried about PSD2 leading to more operators taking advantage of open banking? In the long-run, probably. After all, why pay extra to make things slower and more complicated? The only real issue to uptake is probably awareness. For operators and customers it’s a win-win. 

Staying with LeoVegas, last week the company revealed it is considering raising significant new capital with a senior unsecured bond issue. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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