Banking Service Provider as a Service (BaaS) Contis teams up with an open banking technology company Ecospend to provide a closed-loop account-to-account instant payment and withdrawal solution to the online gaming site MrQ.com.
The solutions from Contis and Ecospend will allow MrQ.com to offer customers an alternative deposit method, as well as instant withdrawals, using a faster, closed-loop payment solution, according to a Monday, April 11. Press release.
“The successful deployment of our first open bank account-to-account closed-loop payment solution with Ecospend is proof of the powerful partnership we have established as we grow our proposition together,” Andy Lyonsmanaging director, head of banking solutions at Contis, said in the statement.
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“We see leading players in the gaming market looking to adopt such open banking solutions to provide customers with a better experience, an enhanced level of fraud protection and lower costs through the use of payment rails. in real time,” Lyons said.
The Application Programming Interface (API) solution is deployed on real-time payment rails instead of card payment systems, which operate on more expensive card payment rails.
It is estimated that 20% of MrQ’s customer transactions will be processed by the new solution each year. After being live on the system for a week, 3% of site customers are using the new solution.
The open banking solution allows members to link their bank accounts to their MrQ accounts through a simplified yet rigorous verification process. With the increased speed of payments, MrQ will get a real-time view of its own settlement accounts, according to the release.
“Open banking as a new and evolving technology solution is dramatically improving the way we spend online,” said Savvas guys from Lindar Media, the creators of MrQ. “Our integration with Ecospend and Contis is just the start of many things to come. In a few years, this technology will be an integral part of our business in many different areas. »