Mazooma has partnered with Plaid, a financial data network that powers thousands of digital applications and services, to provide igaming and sports wagering operators in some regulated US states with an instant bank transfer payment solution.
The bid for deposits and withdrawals on BetMGM’s cashier is now available with Borgata and Party Poker going live in the coming weeks.
Dave Roe, the Mazooma COO, commented: “Partnering with Plaid, Mazooma will maximize conversion for our merchant clients by making it even faster and easier for players to fund their accounts. Plaid’s optimized user interface and US bank connections are an ideal complement to Mazooma’s automated clearing house (ACH) processing platform, risk management features and compliance protocols.”
ACH accounts for nearly 35 percent of the payment volume of the gaming industry, which is valued at more than $150bn for sports wagering alone, due to low credit card acceptance rates.
To provide the market with a fast , secure and user-friendly ACH payment system, the product leverages Plaid ‘s links to more than 11,000 financial institutions in the US and Mazooma ‘s proprietary risk management features.
Via its existing integrations, Mazooma ‘s Instant Bank Transfer product is available to current Mazooma operators and is planned to roll out to its full customer roster by the end of 2020.
Lowell Putnam, Plaid ‘s head of collaborations, said: “Partnering with Mazooma will help streamline account funding and reduce fraud for gaming companies and their players.
“Plaid’s consumer-permissioned data network will also support Mazooma’s merchant customers with state expansion initiatives as the industry continues to grow and can help support responsible gaming initiatives for consumers.”