Banking software provider TrueLayer and digital bank Monzo have teamed up to create a universal gambling block solution that will be suitable for the entire financial service industry.
Application Programming Interface to Assist in Wagering Block Technology
The Fintech leaders explained they were conducting an open-banking API trial in the hopes of creating a complete gambling block fix that will cut transactions between gambling businesses and banks, credit cards, online wallets and other financial services.
The first-ever gambling block service was introduced in 2018 on Monzo’s digital banking app. According to the company’s information, 275,000 UK customers activated the service with 10% never turning it off permanently.
TrueLayer and Monzo Are Collaborating on the New Service
Through the TrueLayer partnership, Monzo’s proprietary built gaming block will be extended as open banking API software that would be available to all banks for integration.
“Everyone should have access to a gambling block, regardless of who they bank with – or how they pay,” Monzo stated on its blog.
In the post, they explained that although a relatively easy integration for banks, such a measure can greatly impact an individual’s well-being so they urge other banks and open banking providers to follow their lead.
Monzo Address the Government in a Direct Letter
Earlier this week, Monzo CEO TS Anil sent a letter to the Department of Digital, Culture, Media and Sport, proposing the government to try and boost measures on gambling to ensure responsible wagering as well as place safeguards on financial service providers.
Anil prompted the government to adopt a mandatory self-exclusion policy on all transactions between gambling operators and businesses.
“We believe the government should take the opportunity afforded by the Gambling Act review to make sure every consumer in the UK can access these blocks, regardless of who they bank with,” Anil wrote.
Currently Self-Exclusion Available Mostly in in-House Parlors Only
When a customer decides to self-exclude, casinos and bookmakers are required to support his decision in person and will usually be part of local schemes that would allow for a single request to take effect everywhere that offers the same kind of gambling in the respective area.
Monzo believes that banks should support such people as well. Rather than just pointing problem gamblers towards outside sources of support, an open banking API-driven platform would allow for simple self-exclusion directly through the customer’s own account.