Online casino industry is one of many industries to welcome Open Banking . Offering payment methods at online casinos and sports betting that not only improves the security of deposits and withdrawals, but also speeds up the process has been a top priority since the first online casinos opened their virtual doors just before the turn of the century.

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New Opportunities Open Bank Casino

The implementation of the Second European Payment Services Directive (PSD2) could be the next big step towards that goal. The EU Directive 2015/2366 should regulate payment services and providers, open up the payment market to non-banks, make transactions more secure and better protect consumers. A core part of the directive is Open Banking, which enables third parties to develop applications for online and mobile payments.

OpenBank: Current State Of Affairs

Initially, credit and debit cards were the only payment methods players could use at online casinos. That quickly changed with the introduction of e-wallets such as Neteller , Ecopayz , eZeeWallet and prepaid vouchers such as Paysafe Card , Neosurf , Astropay . Mobile phone options and cryptocurrencies followed suit, giving customers a wide choice to fund their casino accounts and request withdrawals.

However, there has always been one part that never seemed to be completely fair to players. While deposits are generally instantaneous, meaning that casino operators receive funds as soon as a transaction is completed, it often takes hours or even days for withdrawals to reach players' card, bank or e-wallet accounts. A discrepancy that gambling operators have tried to reduce in recent years because the demand for faster payouts has logically increased.

Customer identification requirements have also become stricter due to new regulations being introduced by gambling commissions in most major markets, the EU and individual countries. KYC (Know-Your-Customer) and AML (Anti Money Laundering) procedures are supplemented with strict requirements for SOW (Source of Wealth) and/or SOF (Source of Funds) checks.

To comply with all regulations, casino operators have put in place procedures that often feel very intrusive as players are asked to submit a slew of documents to meet due diligence thresholds. In some cases, this leads to Enhanced Due Diligence (EDD) checks where a greater degree of accuracy is applied to determine the affordability and source of funds.

Finally, the security of our data is of utmost importance for all financial transactions we conduct on the internet, whether it be with an online casino, sportsbook or any other merchant. After all, we are asked to provide information such as card numbers, PIN codes, email addresses and other information that enables us to complete a transfer to a merchant. It is absolutely vital that this data is not compromised in any way, be it through missing safeguards or intrusions by rogue casino elements.

Terms Online Casinos And Payment Providers

It's getting harder and harder to keep up with all the regulations that are popping up lately and even harder to decipher the acronyms used in the industry. That's why we present an up-to-date list of the most common acronyms you may encounter when gambling online.

  • PSD2 : Second European Payment Services Directive: the EU law 2015/2366 that aims to better regulate and promote online payment systems
  • API : Application Programming Interface: the software intermediary that allows two applications to talk to each other
  • TPP : Third Party Provider: non-bank Fintech companies that offer payment applications and services
  • KYC : Know Your Customer: the procedure used to identify a customer
  • AML : Anti Money Laundering: laws and regulations to prevent money laundering
  • SOF ; Source of Funds: identifying the source of income
  • SOW : Source of Wealth: Identifying the source of wealth
  • EDD : Extended Due Diligence: extensive SOF/SOW control
  • GDPR : General Data Protection Regulation: the current EU law 2016/679 for data protection and privacy
  • FCA : Financial Conduct Authority: the financial regulator in the United Kingdom
  • IBAN : International Bank Account Number: the number that identifies all bank accounts in EU countries plus Norway, Switzerland and Liechtenstein

What Is Open Banking?

PSD2 and Open Banking will change the status quo in the coming years. The two go hand in hand as the first forms the legal basis for the second. What exactly is Open Banking? To date, the payment market for all types of financial transactions is controlled and dominated by banks. The fact that it is a source of income is one of the reasons why banks want to maintain the status quo as much as possible.

However, the PSD2 requires banks to open their systems to so-called third parties by allowing APIs to access customer accounts and data. The aim is to promote a wider variety of payment systems while improving the security and protection of customer data. Open Banking is the term used by the industry to describe that.

Essentially, Open Banking consists of two parts – Payment API and Data API. Any third party can develop applications to access bank accounts, once approved by the country's regulatory authorities. In the United Kingdom, this is done for each of the two parts, for example, by the FCA. Once approved, Fintech companies will develop their own applications in collaboration with the local banks that will allow them to offer their services to their customers, in our case, online casino and sports betting providers.

The Payment API is the part used to make a deposit on an online gaming site. Once selected in the banking lobby, players are redirected to their internet banking page where they enter their details to authorize payment. Conversely, withdrawals are returned to the same bank account by the casino within seconds to a maximum of two hours.

The Data API will provide operators with access to personal data necessary for the mandatory compliance checks. The Gambling Commission, for example, issues regulations for every piece of compliance – KYC, SOF, SOW, EDD, AML – and casino operators must complete them within the allotted time frame. By using Open Banking, most if not all checks are done automatically on a transaction. The required data is sent to the casino operator via secure communication channels. Here's what the casinos may receive from your bank, this data is not permanently stored by the recipients:

  • Account : name of account holder, account number, IBAN, etc.
  • Credit card : card network, last four digits, name on card, etc.
  • Transactions : description, amount, category, merchant name, etc.
  • Balances : current, available etc.
  • Regular Payments : standing orders and direct debits

Trustly is one of the companies already using Open Banking to offer its Pay N Play product in a few select countries including Sweden, Finland and Germany. Here it has been able to integrate the APIs with the local banks. More countries will be added in the near future as they work to expand their services. Undoubtedly, a lot of Fintech companies will also enter the market in the coming years.

Online Casino Open Bank | Frequently Asked Questions

Is Open Bank casino a payment method?

No, it is a collective name for a method for online payment providers such as Macropay and Trust Payments .

Why was Open Banking created?

To make transactions faster and more secure for players.

Which payment method does Open Bank casino use now?

Good examples of this are Trustly Express casino and online casino VISA .

Do withdrawals really get faster with Open Banking?

Yes and you can avoid the KYC check with it.

Does open bank only apply to online casinos?

No, this will be implemented for all online retailers and merchants.

Written by: Jason Vink |

Jason is an online casino expert. He obtained a BA in Communications in Brussels before starting to work at internet gambling portals in Malta (EU) in 2012. He later joined and has since started sharing his expertise with our readers. Jason is able to assess and test an online casino on many different functionalities in order to guarantee the enjoyment and safety. If you have questions for Jason, you can always send him an email: jason [at]