How open banking payments are transforming the iGaming industry
The iGaming industry operates at a scale where subtle changes lead to significant gains, especially with payments. Transaction volumes are high and competition fierce, making iGaming an industry that is often a proving ground for new technologies.
One such innovation that has taken the industry by storm is account-to-account (A2A) payments. By depositing and withdrawing funds directly between accounts, without the many intermediaries typical with cards, online betting and gaming operators can realise a significant reduction in processing costs. The consumer experience is fast and slick, and account verification helps meet operators' Know-Your-Customer (KYC) obligations.
At Yaspa, we work with regulated companies dealing with massive volumes of transactions of different values. By rolling bank-approved payments, account verification, and corporate accounts into one simple integration, using Yaspa’s instant cardless payments makes receiving pay-ins, enabling payouts and managing your funds easy, all while reducing fraud.
Frictionless deposits and withdrawals
Slow page loads and confusing deposit processes are a thing of the past. Yaspa’s UX-optimised payment journeys are built with your customer in mind, eliminating friction and boosting your conversion rates by letting users make deposits quickly and directly from their bank accounts. There’s no need for players to enter fiddly card information or impossible-to-remember passwords. This lightens the operational burden for operators by reducing pressure on support teams, as more transactions are completed with no issues.
Our closed-loop payments also enable you to initiate payouts while benefiting from competitively low processing fees, providing a seamless customer experience while driving costs down.
Deposits and withdrawals via Yaspa move instantly between you and your players, as open banking technology lets us ‘push’ money directly between accounts. There are no other intermediaries in a Yaspa transaction - so the process is intrinsically faster, simpler and more cost-effective than other payment methods, like debit cards.
Agile money management
Yaspa makes it easier than ever for you to receive, store and reconcile payments. Open one of our versatile corporate accounts to accept payments into an account, combining high security with ease of access.
Keep funds safe here for as long as you need to before remitting them back to your business via the dashboard functionality.
The dashboard acts as your very own mission control for payments. In addition to managing your (optional) corporate account, you can manually pay money out to customers, make account verification requests, and monitor and transact with verified customers.
Seamless player journeys
Not only do our customer journeys work ‘out of the box’ - they’ve been thoroughly user-tested and optimised for conversion. We roll out any further improvements and adjustments automatically, as we make them.
At Yaspa, we obsess over delivering simple, secure experiences for your customers. From your players’ payment and identification journeys to the interfaces you use to request account verification and view payment activity, Yaspa has been designed with real people in mind.
Our end-to-end solution is ready when you are. We’re proud to be partnered with a rapidly growing number of iGaming operators, large and small, across the UK and Europe, and would love to welcome you on board. See for yourself - find out how our recent partnership with leading iGaming operator, Novibet, strengthened their product offering to customers in Ireland by providing more ways to pay securely.
This article is a revision of one published in December 2021.