Our partners at MrQ have released an Open Banking payments processing integration, developed by Phalanx Software. The payments processing functionality and APIs are provided by Ecospend and allows players to deposit funds to their account directly from their bank accounts.
Open Banking is a modern trend which is rapidly becoming the de facto standard for banks and other financial institutions. With Open Banking, banks and financial service providers make all information about accounts and transactions available, in a digital format, to account holders. Using APIs (application programming interfaces) third-party applications and systems can then integrate directly to a user's bank account (always with their permission).
In MrQ's case, Phalanx Software integrated their players' wallets directly to Ecospend's Open Banking APIs. Whenever a player wants to make a deposit, they get the option to list their bank accounts with their balances and execute the payment, by means of an instant bank transfer, directly from MrQ's website.
When affecting the payment, no card processing fees are involved because the transfer happens directly from the player's bank account to the operator's bank account. Likewise, when it comes to cashing out, players may request a direct transfer into their bank account without ever having to leave MrQ's website.
A demonstration of the integration on MrQ's website is shown in the video below.
Phalanx Software can help your business integrate an Open Banking feature or payments processor into your system. We can help you when designing and implementing the integration and can guide you through the whole process. For more information about this service, contact us for a free consultation.