LeoVegas Enables Open Banking Transactions
LeoVegas has become the first in the gaming industry to enable open banking transactions under PSD2 through the company’s platform.
PSD2 is the EU’s Second Payment Services Directive, and it is designed to develop the market for electronic payments leading to more secure and seamless payments.
As a result, LeoVegas’ customers will benefit from safer and speedier payments, directly to and from their own bank accounts, with lower transaction fees and no need to rely upon third-party payment providers.
The idea of open banking is that there will be greater sharing of information that will result in new payment ecosystems and better value for customers.
Gustaf Hagman, the CEO of LeoVegas Group, said, “Secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2 (the Second European Payment Services Directive) – have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed.” He went on to say that, using open banking is more cost-effective than traditional payment methods.
There is a high level of activity in our product and technology development organization, and it is exciting to see all of the innovations we are delivering to our customers. We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.
LeoVegas has already started facilitating payments via open banking in the UK market. Figures from the first weeks reveal that 10% of new customers are choosing to use the new system for payments. It is expected that open banking will be rolled out to other European markets in the coming months.