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 reportedly improve user experience, with members able to link bank accounts directly with their MrQ accounts through a streamlined but stringent verification process. This also supposedly 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 an 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 consisting of a different technological architecture with varying fees and processing times.
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 one week.
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