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EGT Digital has entered into a strategic partnership with IRIS Solutions, an innovative company that provides business solutions for open banking. Thanks to the services provided by IRIS Solutions, EGT Digital will be able to offer to part of its clients one more way for more personalised and secure payments, as well as will minimise the time for depositing funds.
IRIS Solutions is the trusting supplier of open banking solutions in Southeast Europe. The company is licensed by the Bulgarian National Bank as a European Payment Service Provider (PSP), in accordance with the Second EU Payment Services Directive (PSD2), and has more than 60 integrated banks and payment institutions in its portfolio. IRIS Solutions offers a variety of products – from Account aggregation, Data analysis and processing, to Payment initiation, API Monitoring and Account Information services.
Open banking is a process in which banks provide secure and reliable access to financial information from their databases to third-party financial service providers (Third Party Providers or TPP). This is done only with the user’s consent through standardised and secure APIs. This new opportunity allows licensed fintech companies to offer products related to Payment initiation and Account information services. For the end user, this means new financial solutions and products that reduce costs and save time for carrying out financial transactions.
EGT Digital utilises the “Payment initiation” service. This new capability in the Payment Gateway is now offered as an option with one of the operators in the Bulgarian market. The “Payment initiation” service allows a payment to be made from a bank account by redirecting the user to the website or application of a chosen bank, enabling making a deposit seamlessly within a few clicks. The functionality can easily be integrated with various systems, allowing end users to perform “Account-to-Account” (A2A) payments. Each payment initiated in this way requires identity verification and guarantees the highest level of security for both the client and the institution. To use the service, the end user does not need to install a mobile or desktop application.
The integration of this modern solution is another step that demonstrates the company’s commitment to offering the best service. It enables:
- Improved players protection – by providing real-time access, operators can implement responsible measures such as limits and self-exclusion tools based on the financial profiles of the players.
- Compliance with regulatory requirements, such as Anti-Money Laundering (AML) provisions and “Know Your Customer” (KYC) standards, by providing access to verified financial data and ensuring transparency of financial transactions.
- Access to financial data for personalising offers, adapting marketing strategies, and efforts to engage and retain players.
- Rapid receipt of funds. When depositing funds through CCB (Central Cooperative Bank) and Revolut, users receive the deposited amount via instant payment within 10 seconds.
Georgi Mihaylov, DCEO of EGT Digital, said: “As a technology company, it is important for us to be focused оn delivering the highest possible quality to our current and future partners. The iGaming industry is extremely competitive and constantly evolving. This challenges us to meet the ever-changing needs of the business. Enriching our portfolio with innovative solutions, we strive to be on top of the tendencies, thus providing our clients with a wide selection of secure and fast transactions. So far, we are very pleased with the IRIS Solutions product and are excited to work together.”
Open banking is creating a new field for innovation in the financial sector worldwide and in Europe. Countries such as Australia, Canada, UK, Brazil, Japan, Singapore, the territory of Hong Kong, and others are providing various initiatives and regulatory frameworks to meet today’s business needs. In 2023, the value of open banking transactions globally reached $57 billion and is expected to grow to $580 billion by 2027.
Against this backdrop, Europe has developed and adopted a regulatory framework (PSD2) which is in the process of being upgraded (PSD3). Its aim is to impose security standards and increase competition in the banking market, supporting innovation and development in the sector. In Bulgaria, open banking is offered by the BNB-licensed IRIS Solutions and several other companies, which rank our country alongside countries such as Croatia, Austria, Greece and Luxembourg in terms of the number of regulated providers.
Selda Ali, Technical Leader and Development for IRIS Solutions, said: “The partnership with EGT Digital shows that Bulgaria can be among the leaders in applying financial technologies for the gaming industry. This is also further proof of the endless applications of open banking and the fact that a directive from Europe can become one of the most successful Union policies for increasing competition in the financial sector. We are pleased to be part of this journey, and I am confident that with EGT Digital, we will reach new horizons, placing the customer at the center with their desires and needs.”
