Gaming fintech firm Mazooma has partnered with Plaid, a financial data network powering thousands of digital apps and services, to bring an instant bank transfer payment solution to igaming and sports wagering operators in certain regulated US states.
The offering is now available for deposits and withdrawals on BetMGM‘s cashier with Borgata and Party Poker going live in the coming weeks.
Mazooma COO Dave Roe commented: “Partnering with Plaid, Mazooma will maximize conversion for our merchant clients by making it even faster and easier for players to fund their accounts. Plaid’s optimized user interface and US bank connections are an ideal complement to Mazooma’s automated clearing house (ACH) processing platform, risk management features and compliance protocols.”
Because of low credit card acceptance rates, ACH represents approximately 35% of gaming industry payment volume, which is estimated at more than $150bn for sports wagering alone.
The product leverages Plaid’s connections to more than 11,000 financial institutions in the US and Mazooma’s proprietary risk management features to provide the market with a fast, safe and user-friendly ACH payment method.
Mazooma’s Instant Bank Transfer product is available to current Mazooma operators through its existing integrations and is expected to roll out to its full roster of clients by the end of 2020.
“Partnering with Mazooma will help streamline account funding and reduce fraud for gaming companies and their players,” said Plaid’s head of partnerships Lowell Putnam. “Plaid’s consumer-permissioned data network will also support Mazooma’s merchant customers with state expansion initiatives as the industry continues to grow and can help support responsible gaming initiatives for consumers.”