Digital bank Monzo has partnered with compliance and open banking software providers TrueLayer Developed an industry-wide universal gaming block solution for the financial services sector.
The established fintech companies announced that they have a "Open banking APIDeveloping a comprehensive gambling block solution that hinders transactions between financial service providers (banks, credit cards, e-wallets, loans, etc.) and gambling companies.
In 2018, Monzo became the first financial services company to launch a gambling block service that customers could activate via its digital banking app.
Since launching the proprietary gambling block, Monzo has found that more than 275,000 customers in the UK have enabled the service "and less than 10% have ever turned it off permanently".
In cooperation with TrueLayer, Monzo will expand its gambling block as an open banking API function that will be available to all banks for integration.
"Everyone should have access to a game block, regardless of who they have a bank with – or how they pay." Monzo announced on a blog that he has announced a partnership with TrueLayer.
“This is relatively easy to set up for banks and open banking providers, but it can have a major impact on a person's wellbeing. Other banks and open banking providers should follow our example so that gambling blocks can also cover payments without a card. "
This week Monzo published a letter from the company CEO TS Anil to DCMS, in which the company stated that the government should seek greater enforcement of responsible gaming standards and that safeguards for financial services providers should continue to apply.
Anil called on the government to introduce mandatory self-exclusion All transactions between gambling providers and companies doing business with the sector.
"We believe the government should take the opportunity offered by the Gambling Act review to ensure that these blocks can be accessed by every consumer in the UK, regardless of who they have a bank with." Anil's testimony read.