GIG signs agreement with Volt as main partner for open banking

Gaming Innovation Group Inc. (GiG) has signed an agreement with open banking solutions provider Volt Technologies Limited, allowing GiG to offer Volt’s payment solutions to its customers.

Providing a single source of integration, Volt’s open banking service will enable  GIG’s B2B partners to access faster payment options across a wide variety of markets.

The partnership will bring more efficient payments to GiG’s B2B partners allowing them to benefit from Volt’s open banking capability by enhancing their merchant offering. Volt’s switch and smart routing technology is currently connected to the strongest network providers in Europe.

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In the EU, open banking falls within the PSD2 framework that is aimed to modernise the banking landscape and encourage innovation by reducing the barriers of entry to the financial services industry. As part of these recent regulations, banks are mandated to open up API’s to licensed third parties. By utilising these API’s, third party providers (TPP’s)  can initiate payments (PISP) or access the customer’s banking data (AISP), allowing to develop new improved experiences and services.

Ben Clemes, Chief Commercial Officer said “ We are happy to have partnered with Volt for open source banking, its features align with GIG’s increased focus towards platform services, providing our partners with superior technical solutions to reach their goals. Gaining access to highly accurate data that comes directly from the customer’s bank will become a game-changer for  KYC and compliance-related processes.”

Jordan Lawrence, Chief Commercial Officer at Volt, said: “GIG is one of the leaders in technology development enabling the gaming industry, we are delighted to be working with their team. We look forward to unlocking the potential of open banking for GIG’s partner network.”