LeoVegas embraces open banking with proprietary payments upgrade

LeoVegas has added PSD2-compliant transactions to its proprietary technical platform in a move designed to capitalise on the trend of ‘Open Banking’ technology.

The Malta-headquartered operator said the payments upgrade would deliver faster and more secure payments for customers, while lowering transaction costs and reducing dependence on third-party providers.

The software has already been deployed in the UK for several weeks, with 10% of customers choosing to pay via open banking when given the opportunity.

LeoVegas will launch the technology across its remaining European markets on a phased basis over the coming months.

PSD2, or the European Union’s Second Payment Services Directive, aims to develop the market for electronic payments to create better conditions for secure and effective payments.

Open banking is one aspect of PSD2, committing payments firms and international banks to share information with each other.

LeoVegas CEO Gustaf Hagman said: “Secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2– have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed.

“Conducting transactions via open banking is also considerably more cost-effective compared with traditional payment methods.

“There is a high level of activity in our product and technology development organisation, and it is exciting to see all of the innovations we are delivering to our customers.

“We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead,” Hagman added.