Gambling and Secure Payments: Importance of Open Banking Technology

The UK gambling sector is set to rethink its approach to affordability following a long-awaited official government review (aka the White Paper).

According to the White Paper, the government will use Open Banking technology to improve the sharing of customer data and knowledge about people at risk of gambling addiction.

The document recommends starting with discreet checks at a moderate cost of £125 per month or £500 per year. However, if a player loses £1,000 within a day or £2,000 within 90 days, additional, more detailed measures have been suggested.

Open Banking technology can be put at the center of the verification process, and additional information from the client will only be requested as a last resort.

It was added that with the introduction of new technologies and payment rules, the UK Gambling Commission could work with the relevant industry to ensure the most efficient approach.

Most important is data sharing driven by new financial and payment technologies, and government proposals show ambition to require all remote operators to share high-risk customer data.

The role of open banking in the gambling payment process has long been touted by many as key to improving player safety.

Charles Cohen, Founder and CEO of the Department of Trust, provider of Open Banking-based financial risk assessments for betting and gaming, commented: «The Department of Trust helps leading gambling operators make frictionless, instant checks on the true financial well-being of customers thanks to Open Banking. 

«Services like this must form a key part of the new framework for assessing financial risk on more customers if the policy goals are to be met in the interests of players and operators alike.»

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