For the latest in the Payment Expert Innovation Series, we spoke to Paula Zulone of ConnectPay to discuss the potential of Open Banking and how it can be significant in evolving the igaming payment journey.
Payment Expert: At SBC Summit Barcelona you’ll be on a panel discussing Open Banking in gaming. Can you tell us how the tech can revolutionise the way operators interact with their customers?
Paula Zulone: In the ever-evolving landscape of technology, we’re witnessing a significant shift towards an increasing online gaming experience. This evolution is practically inevitable. However, when we delve into the realm of Open Banking, it presents a remarkable opportunity for gaming operators. It empowers them to orchestrate payments with a level of finesse and seamlessness that is truly exceptional. Payments are processed in the blink of an eye, and this marks a revolutionary juncture in the world of gaming.
Ultimately, what the discerning player seeks are four fundamental elements: they desire an enjoyable gaming experience, one that flows effortlessly, operates at lightning speed, and is anchored by trustworthiness. Open Banking and the gaming industry align to fulfil these desires, shaping an immersive, customer-centric gaming landscape that truly engages and captivates its audience.
What needs to happen for Open Banking to be further adopted, so it can have a positive impact on the user experience in terms of withdrawals and payments?
Presently, Open Banking does have its set of constraints. However, as time progresses, we anticipate a growing number of countries and financial institutions embracing this innovation. This expansion bodes well for both operators and users, as it streamlines payment processes and facilitates transactions such as withdrawals, among other functions.
Furthermore, it’s worth noting that not all banks and EMIs (Electronic Money Institutions) have been keen to invest in SEPA Instant. Yet, it’s merely a matter of time before most of them recognize the undeniable advantages of SEPA Instant payments and, in doing so, empower their clients to enjoy an optimal banking experience. At its core, it’s a customer-centric evolution that is poised to benefit us all soon.
Do you think that privacy concerns around Open Banking can hinder the wider adoption of the technology into the gambling sector?
Well, it’s a bit of a nuanced situation. You see, when we’re talking about reputable and licensed gaming operators, their top priority is the well-being and security of their users. For these operators, privacy isn’t a hindrance; it’s a core value. Both they and their clients highly value transparency, privacy, and, above all, the enjoyment of the gaming experience.
Now, it’s essential to understand that this isn’t solely about Open Banking. It’s more about the principles that these operators and their users hold dear and how they aim to align with regulatory standards. They always have the option to explore other payment methods if it better suits their values and preferences. It’s all about providing a customer-centric gaming environment that reflects their commitment to integrity and the pursuit of enjoyment.
As Open Banking becomes more prevalent, have any regions been specifically fast adopters of the tech?
Without a doubt, Lithuania and the Baltic region stand out as the fastest adopters of innovative financial technologies. In recent years, Lithuania became the Fintech Hub of Europe, owing to a wave of technological advancements. What’s more, Lithuania has become a haven for brilliant minds, further amplifying its tech-savvy and innovative edge. It’s an environment that fosters creativity and ground-breaking ideas.
For example, here at ConnectPay, we take advantage of this thriving ecosystem to offer our clients something truly convenient: embedded finance solutions that come with built-in compliance. This means our clients get to enjoy an all-in-one financial platform that streamlines their operations. They no longer must juggle multiple providers, allowing them to focus their energies on scaling their businesses. It’s a customer-centric approach that empowers our clients to thrive in this exciting landscape.
In terms of affordability, how pivotal a tool can Open Banking be when it comes to an operator forming a financial picture of the player?
Well, it is quite pivotal. To start, it requires just one integration, simplifying the process for operators and significantly reducing transaction fees, particularly in the realm of card acquiring.
But there’s more to it than just cost savings. Money moves swiftly within the Open Banking framework, enabling operators to access funds more quickly. This means they don’t need to maintain large reserves as they did in the past to cover payouts. In fact, Open Banking facilitates near-instantaneous payouts, enhancing user satisfaction within the gaming experience and elevating their overall interaction with the operator. It’s a win-win situation that truly puts the customer’s needs front and centre.
Why is it so important that the industry comes together for discussions like this one at SBC Summit Barcelona in order to boost the overall experience for players?
To drive meaningful enhancements to financial products, it’s imperative that we engage in a dynamic dialogue, not just with fellow industry experts, but also with our valued operators. Their insights are truly priceless, serving as the cornerstone for crafting solutions that benefit all parties involved – a win-win-win scenario.
Through these conversations, we can tailor our products to align seamlessly with their specific requirements, fostering a customer-centric approach that not only fulfils their needs but also propels their growth. This collaborative spirit empowers us to deliver exceptional value and enrich the overall customer experience.
Payment Expert’s Innovation Series looks ahead to the SBC Summit Barcelona, where innovation within the payment journey will be explored in depth. To find out more and book tickets to the event, click on the banner below.
