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TrueLayer launches PayDirect, a new approach to seamless online payments in iGaming
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PayDirect, a new service from the UK’s open banking leader, TrueLayer, combines one-click verification with instant deposits and withdrawals to deliver the most complete payments experience.
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It delivers a higher-converting, lower-fraud payments approach when compared to card and bank transfer.
TrueLayer, the leading technology company building financial infrastructure that’s open to everyone today announced the launch of PayDirect, a new open banking-based payments method enabling iGaming firms to create a higher-converting, lower-fraud payments approach when compared to card and bank transfer. TrueLayer is working with a number of iGaming operators who are embracing opening banking as a more secure, cost-effective way to deliver superior player experiences.
Today, identity and verification flows and card-based payments typically generate avoidable friction along the customer journey, affecting adoption and retention rates and generating unnecessary costs. The introduction of Strong Customer Authentication (SCA) this year adds another layer of friction to cards with workarounds that deliver a poorer customer experience.
PayDirect is the answer to those issues, enabling firms to stay compliant while delivering a frictionless customer experience. Built on open banking and the fastest available bank payment rails, it provides firms with instant payments and withdrawals, while accelerating KYC and AML processes, to deliver the most complete solution on the market.
“As players experience seamless digital services in other aspects of their lives, their expectations for iGaming are also changing. PayDirect builds on our payments expertise to solve some significant issues around onboarding, deposits and withdrawals to help operators deliver an experience that is fit for the digital age,” commented Ossama Soliman, Chief Product Officer at TrueLayer. “The ability to quickly and easily verify a customer’s identity, and move money instantly in and out of an account using bank to bank payments, while automatically complying with AML regulations, is hugely beneficial to both the player and the operator.”
With PayDirect iGaming operators, can deliver new levels of services to their customers, all from within their app, in a matter of minutes, through:
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Account verification – Instantly verify account ownership based on what’s on file at a customer’s bank.
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Instant account funding – users can initiate payments or move money between accounts effortlessly using open banking.
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Seamless online payments – that reduce fraud and chargebacks at any checkout.
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Instant withdrawals – users can initiate payouts, using the same method used for deposits, automatically meet AML requirements, while avoiding manual data entry like bank account number or IBAN.
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Instant refunds – providing customers to access their money faster, compared with up to 5 days using cards.
PayDirect improves the player experience and delivers a number of significant benefits to iGaming operators, including:
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Up to 3x faster onboarding: PayDirect gets players up and running in a matter of minutes, using open banking and biometric authentication that removes the need for users to remember usernames or passwords.
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Higher payment conversion rates: Once a player has successfully executed a deposit, payment failures tend to be four times lower with PayDirect than cards (on average cards fail up to 15% of the time vs 3.5% with PayDirect). This means more efficient deposits and, more importantly, less time managing failed payments that can ultimately lead to customer churn.
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Increased customer loyalty: Card deposits take up to 3 days to settle, whilst withdrawals can take up to 5 days. PayDirect increases retention by offering customers what they want, instant deposits and withdrawals. Recent research into the iGaming market by YouGov for TrueLayer (Q4 2020) found rapid deposits and payouts consistently topped the list of player priorities, with 8 out of 10 players rating fast payments as important – and they choose their operators accordingly.
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Lower operating costs: PayDirect saves time and reduces cost by automating otherwise manual processes such as payment reconciliation or KYC checks. PayDirect also reduces costs when processing refunds, as they are automatically issued to the same bank account that was used to make the deposit. This reduces opportunities for human error compared to cheque or manual bank transfers as well as cutting down customer support cases on lost or never issued refunds.
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Reduced risk and fraud: With PayDirect account ownership and authentication is handled by the player’s bank. No more chargebacks, no credential sharing or password storage. Service providers can also meet AML requirements by paying out via the same method used for deposits.
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A fully white labelled payment method: integrated open banking capabilities, increase customer trust by the brand owning the end-to-end customer journey, and configuring payment flows.
“The race is on to reimagine the way people pay by leveraging Open Payments architectures. We have seen in banking and ecommerce that great onboarding and payments experiences increase conversion, trust, and retention. But many payment journeys today have not been designed for a digital first world,” added Francesco Simoneschi, co-founder and CEO at TrueLayer. “With PayDirect we’re calling time on cards and their monopoly. We have used our experience and expertise as a leading open banking platform to design a digital and mobile first payment product that combines instant bank payments with instant payouts, refunds and reconciliation capabilities. PayDirect delivers an effortless way to onboard new customers and enable them to quickly initiate payments and withdraw funds. It is the easiest way to create a better, safer and lower cost payments process.”
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The Brazilian Institute for Responsible Gaming (IBJR) considers Apple’s decision to allow the distribution of regulated sports betting and online gaming applications on its Brazilian App Store a key milestone for the consolidation of a transparent and integrity-driven sector.
This measure strengthens regulation by making it easier for users to clearly identify operators that are duly authorized to operate in compliance with national rules.
Following Google’s decision, made less than a year ago, to authorize the distribution of sports betting apps on the Play Store in Brazil, this initiative acts as a powerful cybersecurity filter and helps protect consumers from the risks of the illegal market.
Since only operators licensed by the SPA are allowed to offer services to iOS users, the process of channeling traffic into the regulated environment is further strengthened.
However, for the measure to be fully effective, continuous enforcement is required, as several illegal apps can still be found on major platforms.
Data from Instituto Locomotiva, in partnership with LCA Consultoria, indicate that the illegal environment—much of it controlled by organized crime—moves around R$40 billion per year in Brazil and generates an estimated annual loss of R$10.8 billion in tax revenue.
In this context, actions that help distinguish legal operators from unauthorized ones are essential.
The presence of applications on both the Play Store and Apple Store reinforces the commitment to Responsible Gaming, as they integrate functionalities required by legislation and audited by the platforms.
These include strict age verification to prevent access by minors under 18, clear risk warnings related to gambling, and self-exclusion tools.
The post IBJR hails App Store approval as a milestone in the fight against illegal betting in Brazil appeared first on Americas iGaming & Sports Betting News.
Pragmatic Play, a leading content provider to the iGaming industry, has strengthened its reach in the regulated Latin American market through a multi-product deal with platform provider Black Label.
The partnership will see Pragmatic Play’s premium portfolio, including Slots, Live Casino, and Virtual Sports, integrated into the Black Label platform, enabling regulated operators across LatAm to seamlessly access the supplier’s content.
Pragmatic Play titles, including multi-award-winning slots such as Gates of Olympus and Sugar Rush, as well as popular crash games like High Flyer and Spaceman, are now available to Black Label’s partners in the region.
Black Label, a 360‑degree online gaming experience, serves as an end‑to‑end integration platform for launching or scaling online casinos.
Built with a deep understanding of Latin American players and offered in Spanish, it provides locally aligned solutions for one of the fastest‑growing regulated markets in the industry.
Victor Arias, VP of Latin America at ARRISE, a global iGaming software and services leader and a key partner to Pragmatic Play, said:
“Latin America remains one of the most dynamic and fast-growing regions in the industry, and partnering with Black Label allows Pragmatic Play to further boost its reach across the market.
“Combining Pragmatic Play’s award‑winning content with Black Label’s locally aligned platform to support operators and players across the region is another positive step, and one that further cements Pragmatic Play’s status in Latin America.”
Roberto González, general manager at Black Label, added: “Pragmatic Play is a globally respected supplier, and integrating its multi–product portfolio is a major milestone for Black Label.
“Our platform is built specifically for the needs of Latin American operators, and adding Pragmatic Play’s high‑performing content further strengthens the value we deliver to our partners.
The post Pragmatic Play signs Latam Agreement with Black Label appeared first on Americas iGaming & Sports Betting News.
Advanced Compliance Technology
Advanced Compliance Technology partners with the Soccer Federation of Rio Grande do Norte
ACT has been selected to collaborate in building integrity programs of Brazil’s football leagues through its independent, real-time Sports Integrity monitoring technology and specialized education programs to strengthen Brazilian Sports Integrity.
Advanced Compliance Technology (ACT), a leader in compliance, sports integrity and risk solutions for the global regulated betting and gaming industry, has entered a partnership with the Soccer Federation of North Rio Grande, a regional member of the national Brazilian Soccer Confederation (CBF).
The agreement signifies an important step forward in Brazilian football’s vision for the future as it adapts to the needs of the country’s new sports betting regulations, with an equal focus on safeguarding the integrity of competitions and protecting the athletes.
Under the agreement, ACT will conduct a comprehensive analysis of the current status of the leagues’ needs operating within Brazil’s emerging regulated market.
ACT will also deliver educational programs tailored to the Brazilian sports markets, drawing on its expert sports leadership team, who share decades of experience and who have identified some of the largest match-fixing incidents in the United States.
The ACT team will combine their knowledge of sports betting, insider trading, and specialized analytics to address the growing need for sports integrity monitoring across Brazilian leagues. This will include the application of advanced technology through ACT’s proprietary online monitoring platform, the only real-time technology of its kind that is independent from betting operators and trading services.
Susan Bala, Co-Founder and Director at Advanced Compliance Technology, and former Delegate for the U.S. Commerce Department in Central and South America said:
“We are entering a new chapter in global sports with the introduction of legalised sports betting in Brazil. The country has an incredible and proud history in soccer, producing many of the game’s greatest athletes.
ACT is very pleased to collaborate with the leadership of the Soccer Federation of Rio Grande do Norte league in their mission to build a strong future through education and application of the most advanced technology solutions to safeguard the sport.”
Felipe Silva, Acting President of the Soccer Federation of Rio Grande do Norte, and José Silva, Vice President of the Brazilian Soccer Confederation, said:
“We are extremely pleased to be working with ACT on this initiative. We recognise the importance of educating our athletes and protecting the sport we love. It is our mission through this work to contribute to the future success of Brazilian football.
About Advanced Compliance Technology (ACT)
Advanced Compliance Technology is a leading provider of regulatory technology solutions for compliance and integrity monitoring in the global betting and gaming sector.
ACT’s all-in-one platform delivers the most advanced technology tools to help leagues, operators and regulators meet their complex compliance requirements with an independent expert service and real-time performance.
The company’s technology combines advanced geolocation intelligence, identity verification, advanced anti-fraud mechanisms, sports integrity and behavioural analytics to prevent circumvention, strengthen market integrity and support player protection.
The post Advanced Compliance Technology partners with the Soccer Federation of Rio Grande do Norte appeared first on Americas iGaming & Sports Betting News.
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