Gaming Innovation Group has unveiled an alignment with open banking solutions provider Volt Technologies to allow the provision of its payment solutions to customers.
Providing a single source of integration, Volt’s open banking service will enable GiG’s B2B partners to access “faster payment options across a wide variety of markets”.
GiG praises the partnership for bringing more efficient payments to B2B partners and allowing them to benefit from Volt’s open banking capability by enhancing their merchant offering. Volt’s switch and smart routing technology is currently said to be connected to the strongest network providers in Europe.
Ben Clemes, chief commercial officer of GiG, explained “ We are happy to have partnered with Volt for open source banking, its features align with GIG’s increased focus towards platform services, providing our partners with superior technical solutions to reach their goals. Gaining access to highly accurate data that comes directly from the customer’s bank will become a game-changer for KYC and compliance-related processes.”
In the EU, open banking falls within the PSD2 framework that is aimed at modernising the banking landscape and encouraging innovation by reducing the barriers of entry to the financial services industry.
As part of recent regulations banks are mandated to open up API’s to licensed third parties. By utilising these API’s, third party providers can initiate payments or access the customer’s banking data, allowing to develop new improved experiences and services.
Jordan Lawrence, chief commercial officer at Volt, said: “GIG is one of the leaders in technology development enabling the gaming industry, we are delighted to be working with their team. We look forward to unlocking the potential of open banking for GIG’s partner network.”
Earlier this week GiG expressed optimism in its future outlook following a transformational first quarter which has seen the firm heap further praise on its B2C divestment to Betsson.
The €33m deal included operator brands Rizk, Guts, Kaboo and Thrills, which continue operations on the GiG platform for an initial 30 months, as well as the company’s Spanish casino license with 63 employees also transferred as per the terms of the transaction.