Open Banking for iGaming: Payouts, KYC & Deposits

Fast money movement, strong compliance, and seamless onboarding these are no longer nice-to-haves in iGaming. They’re expected.

Open Banking gives operators the tools to deliver all three: enabling players to deposit instantly, withdraw winnings in real time, and verify identity without delays.

This blog explores the most valuable use cases of Open Banking for iGaming:

• Instant deposits without cards or wallets
• Instant payouts that reduce churn
• KYC with proof of funds to meet compliance and responsible gambling checks

If you’re building or optimising an iGaming platform in 2025, this guide shows exactly where Open Banking fits and how it delivers value across teams.

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Why More Platforms Use Open Banking for iGaming in 2025

Legacy payment methods no longer meet the speed or compliance standards that iGaming platforms require. Card failures, payout delays, and document-heavy KYC are common blockers to growth.

Open Banking solves these issues with a single integration, giving you:

• Account-to-account payments for instant deposits and payouts
• Bank-verified identity for faster onboarding
• Real-time source of funds data for responsible gambling compliance

By replacing slow, manual workflows with secure data direct from the user’s bank, iGaming teams reduce drop-offs, improve cash flow visibility, and meet UKGC expectations with less effort.

Open Banking for iGaming Deposits: No Cards, No Wallets

Slow deposits frustrate players and increase drop-offs, especially when cards fail or e-wallets require top-ups. In iGaming, a fast and frictionless first deposit is essential to conversion.

Open Banking solves this with instant account-to-account transfers.

When a player chooses to pay by bank:

• They log in using secure authentication (no card details needed)
• Funds move directly to your platform in seconds
• You receive verified account details alongside the payment

This gives you:

• Instant deposits, including evenings and weekends
• No chargebacks, reducing fraud and operational risk
• A smoother experience that encourages first-time funding

Platforms offering Open Banking deposits report higher success rates, lower costs, and stronger onboarding conversion, all without relying on cards or wallets.

Bank Transfer Shortcomings	Solved with Finexer’s Pay by Bank API
Customer enters sort code manually	Bank-selected accounts reduce human error
No confirmation of funds sent	Instant webhook alert after successful payment
Manual reconciliation required	Auto-matched with reference + account ID
High support load for payment issues	Real-time status and payer bank info accessible via API

Open Banking Payouts in iGaming: Send Winnings Instantly

Waiting hours or worse, days to withdraw winnings frustrates players and erodes trust. Traditional payouts via card refunds or manual bank transfers often introduce delays and errors.

Open Banking enables real-time payouts straight to the player’s verified bank account.

How it works:

• Funds are sent instantly via account-to-account payment
• Payouts go to the same account used for deposits, no re-entry needed
• Each transaction includes built-in name and IBAN verification

The benefits:

• Instant payouts, even on weekends and holidays
• Fewer failed transactions or payout disputes
• Better retention from players who value fast withdrawals

In a competitive iGaming market, offering real-time withdrawals isn’t just nice to have; it’s expected. Open Banking makes it possible without relying on legacy rails or payment intermediaries.

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Frictionless KYC with Bank-Verified Identity

Traditional KYC processes slow down onboarding. Uploading documents, waiting for manual reviews, and repeating identity checks can cause player drop-off, especially on mobile.

Open Banking simplifies this with real-time identity and income verification.

By connecting to a player’s bank account, your platform can:

• Confirm full name, address, and date of birth
• Access proof of funds and recent income
• Support responsible gambling checks with 90-day transaction data

Because the data comes directly from the bank, it’s already verified, no PDFs or extra steps required.

The result:

• Faster onboarding with fewer drop-offs
• Stronger compliance with affordability and AML checks
• Less manual workload for your compliance team

Whether you’re onboarding a new user or reviewing a high-risk account, bank-verified identity gives your platform trusted data in seconds.

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Compliance Benefits: Prove Funds & Reduce Risk

Regulators expect platforms to go beyond basic ID checks. You need to demonstrate affordability, prevent risky behaviour, and retain transaction-level evidence, all without delaying the user journey.

Open Banking gives you instant access to real-time financial data, with full user consent.

What you can retrieve:

• Up to 5 Years of transaction history
• Regular income sources and spending patterns
• Data to support the source of funds and responsible gambling assessments

How it helps your compliance team:

• Automate affordability checks with live account data
• Flag unusual activity early, before escalation is needed
• Store verified data for audits, reporting, or regulatory inquiries

Instead of relying on self-declared income or outdated uploads, your platform gets accurate, timestamped data directly from the bank.

How to Integrate Open Banking into Your iGaming Stack

Adding Open Banking to your iGaming stack doesn’t require a full rebuild; it’s about connecting to the right APIs for deposits, payouts, and verification.

What You’ll Need

• Payment Initiation APIs to support instant deposits and real-time payouts
• Account Information APIs to fetch bank-verified identity and transaction data
• Consent management is built into the user journey to stay GDPR and UKGC compliant

What to Look for in a Provider

• Connects to Major Banks for a broad reach
• SDKs and developer tools for rapid implementation
• Support for account-to-account payments, KYC, and source of funds in one platform

The right Open Banking API should integrate cleanly with your current onboarding and cashier flows, adding speed, security, and compliance without introducing friction.

Get Started with Finexer

If you’re ready to offer instant deposits, enable real-time payouts, and verify proof of funds in seconds, Finexer brings it all into one Open Banking API built for iGaming platforms.

What You Can Do with Finexer:

• Add Pay by Bank to your deposit flow, no cards or wallets needed
• Enable instant withdrawal to verified bank accounts
• Launch bank-based KYC with real-time name, income, and account verification
• Access transaction history for affordability and source of funds checks
• Stay compliant with GDPR and audit-ready consent logs

Why Finexer?

• Covers 99% of UK banks, giving your platform a broad reach from day one
• Deploy 2–3x faster than market average, reduce launch timelines without cutting corners
• Transparent, usage-based pricing, no bundles, no minimums, no surprises
• 3–5 weeks of hands-on onboarding support from integration to go-live
• Clean SDKs built for fast dev team adoption
• Trusted by UK-regulated firms across gaming, payments, and compliance sectors

With Finexer, your team gets production-ready Open Banking capabilities, not just sandbox access.