You probably have never heard of open banking casinos, but they are rapidly gaining popularity in the online gambling industry. This guide will tell you everything you need to know about open banking casinos, their advantages, and how they work. So, let's get started!
- Open banking casinos use this technology to facilitate payments.
- This technology allows you to share your financial data with third-party providers, like online casinos.
- Open banking casinos offer several advantages over regular gambling sites, including instant withdrawals, greater transparency, and greater security.
- To play at an open banking casino, you will need to have an account with a bank that supports open banking. However, not all local banks currently offer this service.
List of Open Banking Casinos 2023
Quick Facts About Open Banking Casinos
|🎰 Number of Open Banking Online Casinos:||17|
|🎲Casino Games:||All games are available|
|⚡️Deposits & Withdrawals:||Instant|
Open Banking Explained
Open banking is a new way of managing personal finances that allows customers to share their financial data with third-party providers, like online casinos. This data includes things like account balances, transaction history, and payment details. Open banking is based on the principle of customer-centricity, which means that customers are in control of their own data.
This service was introduced in the UK in January 2016 in response to the European Payment Services Directive 2 (PSD2). PSD2 requires banks to provide third-party providers with access to customer financial data. The open banking regime has been designed to promote competition in the banking sector and give customers more choice over who they bank with. It is hoped that open banking will also lead to lower prices for banking products and services.
With open banking, you can give an online casino permission to access your bank account data to make payments. It means you can make instant deposits and withdrawals from your casino account without going through the traditional banking system.
Open banking is still a relatively new concept, but it is rapidly gaining popularity in the iGaming industry. It is because open banking casinos offer several advantages over regular online casinos. For example, open banking casinos offer no KYC checks and instant withdrawals, which means you can access your winnings as soon as you hit the cash out button. Want to find out more about open banking? Check out this video:
Open Banking and Online Casinos
Open banking casinos work similarly to regular online casinos, but they use open banking technology to facilitate payments. They use an API (Application Programming Interface) to connect to your bank account and allow you to make instant payments.
An online casino receives your bank’s data in real time, allowing them to withdraw instantly to your bank account. Open banking combines two things: deposits and verification. So, your casino account is verified automatically when you deposit at an open banking casino.
Open banking utilizes bank-to-bank transfers with the highest possible security level. So, it is a very safe way to make online payments. Also, it reduces the risk of fraud and money laundering. In addition, casinos and players have lower costs with open banking than with traditional payment methods.
In general, this type of casino is much more convenient, transparent, and safe than a regular online casino. Moreover, it offers instant deposits and withdrawals, which is a huge advantage for players.
3 Best Open Banking Casinos
There are not many open banking casinos on the Canadian market yet. But we have found the three best gambling operators for you that support this amazing service:
1. Hot.bet Casino
Hot.bet is the best open banking online casino in Canada. You can get a 10% cashback bonus without any wagering requirements. In addition, there are many other bonuses and promotions available. Enjoy 4000 games and instant registration. Moreover, withdrawals are processed within 5 minutes.
- Casino rating: 9.5/10
- Open banking available: Yes
- Instant withdrawals: Yes
2: Zinkra Casino
Zinkra is a new online casino that offers a 15% cashback bonus without wagering requirements. Not only is the cashback bonus decent, but the casino also offers open banking and instant payouts. For example, when you make your first deposit, you will receive 10 free spins on registration and 50 free spins in total.
- Casino rating: 9/10
- Open banking available: Yes
- Instant withdrawals: Yes
3: Happy Spins Casino
As the name suggests, Happy Spins is a fun and happy casino. You can get up to a C$200 bonus and 10% daily cashback for slots. In addition, customer support is available 24/7 via live chat and email. So, if you have any problems, they will be happy to help you.
- Casino rating: 8.5/10
- Open banking available: Yes
- Instant withdrawals: Yes
How Do I Play At An Open Banking Casino?
Since open banking is still a new concept, you might be wondering how to play at an open banking casino. The good news is that it is very easy. You just need to follow these simple steps:
Total Time: 3 minutes
Choose a casino
Choose one of the best open banking casinos from our list above.
Register & Verify
Register for an account and verify your email address.
Deposit at the casino using your bank account. The deposit will be processed instantly.
Start playing your favourite casino games. You can use the bonus money to increase your chances of winning.
Withdraw your money
When you want to withdraw your winnings, just click on the “Withdraw” button. The money will be transferred to your bank account within 5 minutes.
What Payment Methods Allow Open Banking?
There are only a few payment methods that allow open banking in Canada. The most popular one is old, good, Trustly. This company based their whole business model on open banking and called it “Pay N Play“. They are pioneers in the industry, as this service allows players to skip the verification and registration process at an online casino, which is totally insane.
So, when you deposit at a Trustly casino, your account will be created and verified automatically. As a result, Trustly has revolutionized the online gambling industry. It's fast, simple, and safe – all of which are great benefits for any gambler looking to have an enjoyable experience.
Right now, they are the most popular open banking provider in the world – Trustly is very popular, especially in Sweden and Finland. But it's also gaining traction in other countries, such as the UK and Germany.
Trustly is not the only company that offers this service. There are also other methods available that allow open banking in Canada. Here is the list of all payment options that offer open banking:
Advantages & Disadvantages of Open Banking Casinos
Of course, there are advantages and disadvantages to open banking casinos. Let’s take a look at the most important ones:
- The verification process is skipped.
- Withdrawals are processed very quickly (within 5 minutes).
- You can use the same payment method for deposits and withdrawals.
- You don’t need to share your credit card information with the casino.
- It helps online casinos fight fraud.
- Open banking is not available in all countries.
- There are not many open banking casinos right now.
No KYC With Open Banking
KYC, or Know Your Customer, is a process that financial institutions or online casinos use to verify the identity of their customers. This is done to prevent fraud and money laundering. The process typically involves sending in a copy of your ID and proof of address.
Open banking casinos don’t need to verify your identity because they can do it through your bank account. So, you can deposit and withdraw money without having to go through the KYC process.
Or, more like, the verification is done in the background without you even noticing it. For example, when you make your first deposit, the casino receives access to your bank account. Then they use an algorithm to verify your identity. The process takes less than a minute, and you don’t need to do anything.
So, when you want to withdraw your money, the casino will already have all the information they need, and the money will be transferred to your bank account within 5 minutes.
Open Banking Online Casinos: Is Your Financial Data Safe?
Ever since the introduction of open banking, there has been a lot of speculation about its safety. Many people are worried that their financial data might not be safe when using this service, especially with online casinos. The good news is that open banking is actually incredibly secure. Millions of people around the world use this technology, and there has been no single incident to prove that open banking is unsafe.
So, what exactly is open banking, and how does it affect online casinos? Open banking is a way for consumers to share their financial data with third-party organizations, such as casinos, banks, lenders, and financial service providers. In the past, this data was only accessible to the customer’s primary bank.
However, with open banking, customers can now authorize third-party organizations to access bank accounts. They can analyze transaction history, account balances, and credit scores. What does this have to do with iGaming companies? Many online casinos now use this technology to verify customer identities and process payments.
This is because open banking provides a more convenient and secure way to process transactions. Not to mention, it also helps prevent fraudulent activities. So, if you’re worried about your financial data being shared with online casinos or sports betting sites, you can rest assured that it is safe. Security is a top priority for online gambling companies!
Open Banking Makes Online Gambling Safer For Addicts
Open banking has the potential to make online gambling safer for addicts. Klarna, a major provider of financial services, has introduced a gambling block for its customers. This means that customers can block themselves from spending money on gambling websites. This is a significant development, as it shows that major financial institutions are beginning to take responsibility for the problem of gambling addiction.
In the past, addicts have been able to rack up huge debts by gambling online. However, with open banking, they are able to block themselves from accessing gambling websites. This should help reduce the number of people who develop gambling addictions and the amount of money lost to gambling.
Open Banking vs. Pay N Play: What Is The Difference?
Open banking is a general term that refers to financial data sharing between banks and third-party organizations. On the other hand, Pay N Play is a specific service offered by Trustly that uses open banking to verify customer identity and process payments.
The main difference between them is that any organization can use open banking, while Pay N Play service is only available to online casinos.
Open Banking Terms You Need to Know
If you’re new to open banking, you should know a few terms before getting started. Here are some of the most important ones:
- PSD2: The Payment Services Directive 2 is a set of regulations that govern open banking in the European Union.
- Data API: An application programming interface that allows third-party organizations to access financial data.
- TPP: A third-party provider that uses open banking to provide financial services, such as payments, lending, and investment advice.
- AML: Anti-money laundering measures that are put in place to prevent the use of open banking for criminal activities.
- GDPR: The General Data Protection Regulation is a set of regulations that protect consumers’ privacy.
- IBAN: International Bank Account Number. This is a unique code that is assigned to every bank account.
Open banking is a new way to process online payments faster, easier, and more securely than traditional methods. If you want to play with open banking, look for Trustly casinos. These online casinos use the Pay N Play service to verify your identity and process payments.
With this fantastic technology, you don’t have to worry about your financial data being safe. Also, you don’t need to create an account or verify your identity. Open banking is here to stay and is changing how we gamble online. Looking for anything else? Check out our guide to Trustly betting sites or instant withdrawal casinos.
Last Updated on September 15, 2023 by Dan
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Hey, I'm Danny. With seven years as a poker player and 9 in the online casino industry – I’m here to share everything I know about fast-paying casinos. Leeds fan, movie enthusiast and NFT degen.