Today (31 January), Europe’s leading open banking provider, TrueLayer, announces the launch of the UK’s first-ever automated onboarding product using open banking APIs to improve the onboarding experience for igaming operators and players.
The first in a new generation of services built using open banking technology, Signup+ will improve the onboarding experience for igaming operators and players alike.
Signup+ combines account creation with instant deposits to streamline the signup process. It uses bank-sourced data to verify a customer’s name, address and date of birth within seconds, providing a faster, KYC-compliant onboarding process, while also reducing the risk of payment fraud, underage gambling and bonus abuse. All of this is done with just one deposit from a player’s online bank. Funds instantly become available in a player’s account, allowing them to get started with igaming services right away.
Speed of account set-up and withdrawals are key factors for players when deciding which operator to use. According to research produced in partnership with YouGov, 60% of igaming players fail to complete sign-up processes that take more than five minutes. On the other end of the spectrum, 85% of players also said that being able to swiftly secure their withdrawals was an important factor when choosing an igaming platform.
High player drop-off rates during registration due to clunky processes and slow verification are a huge problem for igaming operators, but Signup+ offers a real solution. Powered by open banking, Signup+ will enable igaming operators to deliver the experience their players are increasingly expecting by making registration and withdrawals faster, safer and more efficient.
Signup+ reduces the threat of payment fraud, identity fraud and bonus abuse with bank authentication built into every payment and real-time identity data checks. At the same time, it can help igaming operators reduce the costs associated with manual verification checks and transactions.
Discussing the launch, Francesco Simoneschi, CEO and co-founder at TrueLayer, said: “In the igaming sector, clunky and inefficient sign-up processes are leading to revenue losses of up to 60% for operators, as players increasingly prioritise speedy sign-up and payouts.
“By using open banking technology in conjunction with real-time identity data, Signup+ automates the onboarding process in a way which hasn’t been possible before in the UK. As well as improving the player experience in igaming, Signup+ represents a new generation of use cases for open banking and brings onboarding to the forefront of the conversation about where open banking is heading in the future.”
To celebrate the launch of Signup+, TrueLayer will be hosting a special cocktail party at ICE London. You can meet the team behind the product at 3pm on Tuesday 7 February at the company’s stand, N9-120.