Xace is a specialist provider of payment accounts to the gaming industry, enabling many underserved businesses and consumers to access products not available from high street banks.
Xace accounts have been developed with iGaming, Esports and affiliate businesses in mind, backed by extensive compliance expertise specifically in gaming. By removing barriers for those requiring accounts, payment, FX and virtual card products, Xace have quickly established themselves as the go to in gaming.
Xace joins us today to discuss the direct benefits of their account solution across gaming and new emerging markets online for both retail and B2B customers.
Q: What is Xace and where did the need for your company and its solutions come from?
Xace is an account provider for the gaming industry, enabling our customers to face much less friction than they may experience now with payments and account opening.
We founded Xace to solve a very targeted industry problem through our own experiences within the gaming industry. Our niche clients were in a constant state of battle when it came to business accounts and transactions, even though they were licensed and compliant entities from across Europe. This was costing significant time and money for so many companies, with even institutions who were publicly considered as gaming friendly regularly closing accounts or rejecting compliant applications.
With Xace, we set out to win the battle for this industry through experience, understanding and delivering a compliant solution that meets regulatory requirements. When you take on a challenge like this, you face barriers every step of the way but it only makes you deliver a better product and service as a result.
Q: You speak about problems with opening and maintaining accounts in previous years. How has Xace helped solve these issues?
Mainly in 2 ways. Experience and technology.
We understand the challenges for the industry and we were never able to easily overcome them ourselves with existing account providers. Now we have our own platforms and partner providers in the UK and Europe, we have genuine solutions for our business and retail customers where we can speak to them in great detail about their needs and our compliance requirements from them in return. A process that historically didn’t happen for many in the gaming industry.
Q: Who should consider getting an account with Xace?
Licensed gaming platforms, iGaming technology providers and operators from across Europe should speak with Xace about their needs. It’s highly likely we will have a solution that betters their existing account deals whilst giving them greater peace of mind. We aim to reassure our clients that we understand their business model and will work with them closely to ensure compliance for both parties, rather than leaving them out in the cold.
Q: Do you see yourself venturing into other solutions such as Instant Pay casinos?
We have many plans as part of our product offering but we’re also only a year old and our first accounts were launched in July 2020, so we’re just making sure we scale in the most efficient way for our customers first, then we’ll be able to announce more.
Q: How do individuals benefit from setting up a Xace account?
Retail customers are welcome with Xace, particularly those who are active in new markets such as Esports or who are actively gaming online, where we’ll take care to understand them and their specific needs when others may be far less accommodating. Our Virtual Debit Cards, recently launched for UK customers, facilitate online payments in a far more secure and disposable way, which is especially important in the gaming industry. Users can create a card, use the card, and cancel the card, all within your own account application.
Q: What is next for you in 2021 and what future goals do you have?
We’re targeting our European growth heavily in 2021 and have been scaling our team quickly to enable us to do that. We’ve bought in a CCO in Annie Osborne and built a very strong business development team around that hire so we can be sure to hit our growth targets, whilst ensuring that customer success remains a priority this year. We are rapidly developing this area of our business with personnel and technical solutions and we have some exciting developments to come in the next few months, so you’ll have to wait and see!