Contis and Ecospend have teamed up with MrQ.com to deliver a full open banking, closed loop instant account to account payment and withdrawal solution. This will provide MrQ.com customers an alternative deposit method as well as instant withdrawals using a closed loop faster payments solution.
The open banking solution will allow members able to link bank accounts directly with their MrQ accounts through a streamlined but stringent verification process. This also greatly reduces the level of fraud risk, as customers are required to access and verify a bank account, rather than just provide payment card details. Due to the increased speed of the payments, the offering will also provide MrQ with a real time view of its own settlement accounts.
The API-led solution is deployed on real-time payment rails and offers a welcome alternative to the card-based payment systems currently used by many gaming organisations, which operates on more expensive card payment rails. Payment rails are used by organisations to facilitate payments between businesses and consumers, each rail consists of a different technological architecture with varying fees and processing times.
Andy Lyons, MD head of banking solutions at Contis, said: “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. 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.”
The solution is expected to handle around 20% of MrQ customer transactions annually and is already being used by 3% of transactions after being live for just one week.
Savvas Fellas, at Lindar Media, the creators of Mr Q, said: “Open banking as new and evolving technology solution offers to enhance so much about how we spend online. 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.”
James Hickman, COO at Ecospend, added: “MrQ bingo is a perfect fit for Ecospend and Contis’s closed loop payments. With our account-to-account payment solution MrQ players can move their money in and out of their accounts in real time, all while MrQ bypasses costly card network fees.
“The partnership Ecospend and Contis has developed with MrQ represents the vast opportunity this alternative payment has, and we’re delighted our product can help improve the efficiency of MrQ’s online payments whilst saving them money at the same time. We’re delighted MrQ shares the same innovative outlook as we do, and we’re excited to use this cutting-edge technology to keep driving their product forward.”