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Revealed: Payments Engine Revolution

>> We profile and rank the leading Open Banking enablers and payments engines shaping responsible gaming trends and legislation within the iGaming industry. The Gambling IQ team explores the companies primed for explosive growth at the dawn of a new era, where the traditional credit check bureaus relying on outdated financial records will struggle to give a real-time single view of players' true financial situation.


Code: CR. M02/LCJ 2023 -- Report: February 2024 -- Word Count: 30,000



Innovations in open banking and payments are beginning to fuel a revolution within the gambling industry, championing responsible gameplay and driving global legislative transformations. This paradigm shift emphasises payments technology as the primary catalyst, with regulatory compliance filling in the essential details.


Real-Time Data Analytics & Digital Payments

Sophisticated data collection and analysis enable gambling operators to identify and support players at risk while forming a strong basis for evidence-backed policymaking. Incorporating digital payments not only provides players with more control but, also streamlines adherence to regulatory frameworks. This promotes responsible gaming practices and helps prevent potential fraudulent activities.



Report Overview

As paytech continues to advance, the synergy between responsible gambling initiatives and cutting-edge payment and open banking enablers will play a pivotal role in nurturing a safer and more responsible global gambling ecosystem. In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the USA and upcoming legislative changes to the UK's Gambling Act, operators will have to prioritise compliance and responsible gambling with various vital aspects, including age verification, customer due diligence (CDD), financial risk assessment, and AML protocols.



Gambling Commission Consultations

During its first series of consultations in the UK, the Gambling Commission addressed several critical aspects, including the assessment of 'Remote Gambling: Financial Vulnerability and Financial Risk'. The Commission sought feedback on operator obligations concerning checks aimed at assessing whether a customer's gambling activity might cause harm within their financial circumstances. These checks encompass two essential components: conducting financial vulnerability assessments and evaluating financial risk factors.


The second set of Commission consultations, (deadline Feb 21st 2024), seeks contributions in relation to five areas, one of which is entitled 'Socially Responsible Incentives'. The Commission is consulting on changes to the section of the Licence Conditions and Codes of Practice (LCCP), that covers rewards and bonuses to make it explicit that incentives should be constructed in a manner that does not lead to excessive or harmful gambling.


Customer Led Tools

The Gambling Commission is also investigating 'Customer-led Tools', and how meaningful account limits can be kept. Importantly, this concerns proposed changes to the Remote Gambling and Software Technical Standards (RTS) to make sure that consumers who want to make use of pre-commitment tools such as deposit limits can do so easily, in ways that work for them and with the minimum of friction.


The Responsible Gambling Trend

This report outlines how payments engines with Open Banking capabilities from the likes of Trustly, TrueLayer, and Plaid, in addition to Digital ID expertise from companies such as GBG, can give consumers, operators and regulators more visibility, more data with which to make informed decisions and more control. The invaluable knowledge from these experts can develop the policies and practices for Responsible Gambling. ‘The Payments Engines: How data-driven open banking and innovative payments companies are shaping legislative change in the UK & US markets through responsible gambling trends, will be published in January 2024. Find out more about our report here: Contact Us.


Mandatory Open Banking Protection?

GamblingIQ charts the top 10 Open Banking enablers and Payments Engines in Gambling.


>>     Key Segmentations - Global Companies and Organisations featured in the report:


  • Akoya

  • Ascent

  • Bankable

  • Bankfi

  • Bankin

  • Banks api

  • Bankware

  • Basiq

  • Belvo

  • Bizcuit

  • Blink

  • Bottomline

  • Brankas

  • Brick

  • Bud

  • Cobase

  • Codat

  • Crosskey

  • Direct D

  • Ecospend

  • Enfuce

  • Finastra

  • Gamstop

  • GBG Plc

..................................

  • Inverite

  • I2c

  • Kevin

  • Klarna

  • Luxhub

  • MiFINITY

  • Modulr

  • MoneyHub

  • Monzo

  • GoCardless

  • Oasis

  • Okra

  • OneSpan

  • OpenBet

  • Ping

  • Plaid

  • Quanto

  • Revolut

  • Saltedge

  • Sightline

  • Sofort

  • Stitch

  • Tide

  • Tink

  • Token

  • Toucan

  • TransUnion

  • Treezor

  • Trilo

  • TrueLayer

  • Trustly

  • Wiggin

  • Volt

  • Wipro

  • WorldPay

  • Yapily

  • Yodlee








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