In order to create a ‘industry-wide universal gambling block’ solution for the financial services sector, Digital Bank Monzo has partnered with enforcement and open banking platform provider TrueLayer.
In order to build a robust gambling block solution, the Fintech incumbents have disclosed that they are testing a ‘open-banking API’ to prevent transactions between financial service providers (banks, credit cards, e-wallets, loans, etc) and gambling firms.
Monzo became the first financial services company to introduce a gambling block service in 2018, which could be enabled by clients via its digital banking app.
Monzo reports that more than 275,000 UK customers have enabled the service ‘and fewer than 10 percent have ever turned it off permanently’ since launching its proprietary designed gambling block.
Broadening its gambling block
Monzo, partnering with TrueLayer, will broaden its gambling block as an open banking API feature available for integration by all banks.
In a blog announcing its partnership with TrueLayer Monzo disclosed: “Everyone should have access to a gambling block, regardless of who they bank with – or how they pay.” Monzo disclosed in a blog announcing its partnership with TrueLayer.
“This is relatively simple for banks and open banking providers to put in place but can have a big impact on someone’s well-being. Other banks and open banking providers should follow our lead, to allow gambling blocks to cover non-card payments.”
This week, Monzo published a letter to DCMS from company CEO TS Anil in which the company claimed that the government should seek improved implementation of responsible gambling standards and that financial services companies should continue to apply protections.
Anil urged the government to enact compulsory self-exclusion, covering all transactions between gambling operators and enterprises associated with the industry.
“We believe the government should take the opportunity afforded by the Gambling Act review to make sure every consumer in the UK can access these blocks, regardless of who they bank with.” Anil’s statement read.