LeoVegas To Roll-Out Open Banking Across Europe

In the UK, LeoVegas introduced payments through open banking, before rolling out the solution in the coming weeks and months across many of the company’s key European markets.

This the operator says, ensures that LeoVegas becomes the first to “enable open banking transactions in the gaming industry,” under PSD2 through the company’s proprietary technical framework.

LeoVegas hopes that the switch would result in even more reliable and quicker payments directly from its own bank accounts to customers, as well as lower transaction costs and decreased dependency on the company’s other payment service providers.

Customer data from the initial weeks shows that 10 percent of all new customers chose to initiate their payments through open banking, the online gambling operator says.

Gustaf Hagman, LeoVegas’ Group CEO said: “Secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2 – have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed.

“Conducting transactions via open banking is also considerably more cost-effective compared with traditional payment methods. There is a high level of activity in our product and technology development organisation, 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.”

PSD2 stands for the Second Payment Services Directive of the EU, the purpose of which is to expand the electronic payment market and establish better conditions for safe and efficient payments.