TrueLayer
Review
With offices worldwide, TrueLayer is well-positioned as one of the leaders in providing open banking merchant solutions, offering payment applications to access financial data and initiate transactions in real-time securely. TrueLayers products are seamlessly integrated into a merchant’s payments page as customisable open banking gateways.
Payments through traditional banking methods such as debit cards, credit cards and bank transfers can take anywhere from one to several working days. Online casinos and their customers have always sought the fastest ways of processing payments safely and securely. Often, online casinos are judged on their merits of payment speed and verification processes – this is where products like Truelayer PayDirect step in.
LeoVegas, Casumo and Casoo are just some of the names who have chosen to offer the TrueLayer PayDirect service as an option to sign-up and play hassle-free, with the added benefit of instant payouts. TrueLayer PayDirect works within the open banking network of payment processing that allows your bank or financial institution to share consumer data and facilitate transactions in an instant. In short, TrueLayer talks directly to your chosen source of funds to check your payment id and make the transfer. In addition, using TrueLayer will authenticate personal information from the source, allowing online casinos to integrate registration for a smooth playing experience.
Using TrueLayer to sign-up to an online casino can be completed in seconds and removes the need to fill out online forms or complete a manual registration process. Basic identity and address verification are checked at the point of transaction, allowing automatic registration designed to fulfil most standard AML (anti-money laundering) and KYC (know your customer) licencing requirements. Because the information is channelled through the banking systems API using notifications, no data is stored with the merchant or, in this case, the online casino.
An API (Application Programming Interface) is your bank’s securely designed gateway to facilitate the service. The API acts as a secure portal for TrueLayer to check your available funds and your basic information with the selected financial institution in an instant. The approval notification is then sent from the bank’s API to TrueLayer, and the transaction is processed. TrueLayer PayDirect makes payments faster than traditional methods and verifying identity easier for all parties involved. Be aware that although the PayDirect service will process the withdrawal immediately without delay, some online casinos will employ a manual approval system rather than allowing withdrawals instantly, mainly if an account is not fully verified.
In summary, a casino with PayDirect by TrueLayer may allow instant registration, deposit and play, followed by immediate withdrawals in most cases. PayDirect is safe and secure, integrating with your chosen bank’s API to exchange financial data to facilitate a transaction. Signing up to an online casino couldn’t be easier, with shared information completing the registration process and basic KYC and AML requirements. Banking is instant unless the casino has employed a manual process for withdrawal approval. In its optimum state, TrueLayer DirectPay allows registration, deposit and withdrawals within seconds for a smooth and seamless casino experience.