Banking-as-a-Service (BaaS) provider Contis is teaming with open banking technology firm Ecospend to bring a closed-loop, instant account-to-account payment and withdrawal solution to online gaming site MrQ.com.
The solutions from Contis and Ecospend will enable MrQ.com to offer its customers an alternative deposit method, as well as instant withdrawals, using a closed-loop faster payments solution, according to a Monday (April 11) press release.
“The successful roll-out of our first open banking account to account payment closed loop payment solution with Ecospend is demonstrative of the powerful partnership we have established as we grow our proposition together,” Andy Lyons, managing director, head of banking solutions at Contis, said in the release.
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“We are seeing leading players in the gaming market looking to adopt such open banking solutions to give customers a better experience, an enhanced level of fraud protection and reduce costs through the use of real-time payment rails,” Lyons said.
The application programming interface (API) solution is deployed on real-time payment rails instead of card-based payment systems, which run on more expensive card-based payment rails.
An estimated 20% of MrQ customers’ transactions will be handled by the new solution annually. After being live on the system for a week, 3% of the site’s customers are using the new solution.
The open banking solution enables members to link their bank accounts to their MrQ accounts through a streamlined, but stringent, verification process. With the increased speed of the payments, MrQ will get a real time view of its own settlement accounts, per the release.
“Open banking as new and evolving technology solution offers to enhance so much about how we spend online,” said Savvas Fellas of Lindar Media, the creators of MrQ. “Our integration with Ecospend and Contis is just the start of many things to come. In a couple of years this technology will form part of the core our business across many different areas.”