With Open Banking, your online casino can effortlessly connect with players in the EU and UK, while reducing transaction friction and the high fees associated with traditional cross-border payment methods. Geographically, Europe is the largest market, making up of over 50% of gross gaming revenue. Europe is set to grow in the iGaming space thanks to high availability of sites, a wealthy population, cross-border collaborations and a favorable regulated market. Catering to established and emerging markets, MiaPay empowers iGaming platforms to reach new horizons and players globally.

Providing open banking solutions for online gaming and gambling requires understanding and working around the complex regulations which vary across regions. In the EU, Open Banking is primarily regulated under the Revised Payment Services Directive (PSD2). Key elements of PSD2 include: Strong Customer Authentication, Access to Payment Accounts, and ensuring that PSPs meet high standards of customer protection. The UK, post-Brexit, has established its own regulatory framework for Open Banking. The key piece of legislation is the Open Banking Initiative, overseen by the Competition and Markets Authority (CMA). Partnering with reputable and authorized open banking providers like MiaPay helps mitigate regulatory risks.

Open Banking only provides access to necessary financial data, such as account balances and transaction histories. Sensitive information like login credentials or personal identification numbers (PINs) is never shared. To ensure the highest level of security, Open Banking solutions incorporate Strong Customer Authentication (SCA). SCA requires multi-factor authentication, adding an extra layer of protection to players’ transactions. This authentication process helps verify customers identity before any financial data is accessed or utilized.

Both traditional payments and Open Banking are built on strong security foundations. Credit card transactions are well-established and trusted, while Open Banking relies on robust encryption and authentication protocols. Players can seamlessly switch between payment methods whenever they want. Whether it’s a quick deposit via credit card or the enhanced security of Open Banking, the choice is just a few clicks away. We prioritize a smooth and user-friendly experience. MiaPay offers a seamless blend of traditional payment methods and in-house Open Banking solution, ensuring that players have the flexibility they desire. Whether it’s a quick deposit via credit card or the enhanced security of Open Banking, the choice is just a few clicks away.