PayNearMe has announced a partnership that will integrate its MoneyLine™ platform with Trustly’s Open Banking system. PayNearMe’s gaming clients will be able to process guaranteed ACH deposits. As a result, sports betting and iCasino customers could instantly transfer their winnings into their bank accounts.
The announcement was made at SBC Summit North America, the premier gaming industry tradeshow and conference, which is being held in the Meadowlands in Secaucus, New Jersey.
“As we continue to enhance the MoneyLine™ platform, we’re excited to partner with Trustly,” said Michael Kaplan, Executive Vice-President and Chief Revenue Officer for PayNearMe. “[Trustly is] the leader in open banking solutions for the iGaming and online sports betting market.
“Our iGaming clients get a proven, guaranteed deposit method, which reduces their risk, while their players get real-time access to deposited funds, improving their overall experience.”
The PayNearMe MoneyLine™ system helps iGaming companies comply with state regulatory requirements, and safeguard consumers and financial institutions during online transactions.
PayNearMe Has Financial Systems Operating in 25 States
Deposits and withdrawals are a concern for most customers of online sportsbooks and iGaming apps. The speed at which a consumer can make a withdrawal to get to winning funds is important, as is the security. PayNearMe services more than 40,000 retail locations with its payment system, and thousands of online banking systems use MoneyLine™. According to its website, PayNearMe has financial systems operating in 25 states with legal gaming.
“This integration [with PayNearMe] will streamline the transaction process and offer secure Open Banking Payments for both operators [with instant deposits] and players [with instant payouts],” said Trustly Chief Revenue Officer, Frederick Crosby.
PayNearMe plans expanded integration with Trustly in the future, with an eye on international markets.
“There is a clear move toward open banking and we recognize the immense value it brings to our clients,” said PayNearMe’s Kaplan. “We plan to expand our partnership with Trustly to incorporate additional open banking capabilities into our platform and enable all of our clients to benefit from this innovative technology.”
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