Rapid increase observed in Pay by Bank deposits usage on digital gambling platforms provider
### U.S. Open Banking Market Set for Rapid Expansion, with Yaspa Leading the Way in the iGaming Sector
The U.S. open banking market is poised for a significant growth spurt, with projections indicating a compound annual growth rate (CAGR) of 22.5% from 2024 to 2031, culminating in a market value of $35.79 billion in 2031[1]. This surge is expected to be mirrored globally, with the open banking market reaching $123.7 billion by 2031[2].
One company at the forefront of this growth is **Yaspa**, a London-based fintech firm that specialises in real-time payment and identity verification solutions. With a recent $12 million investment, Yaspa is set to expand its operations in the U.S. market[3].
Yaspa's platform, which leverages open banking and artificial intelligence (AI), has already made a substantial impact in the iGaming industry. Its technology is designed to enhance customer intelligence, improve cash flow for regulated enterprises, and embed advanced player protections[3].
In the iGaming sector, Yaspa offers several key benefits:
1. **Real-time Payment Solutions**: Yaspa's real-time payment processing capabilities can significantly enhance transaction efficiency and reliability in the iGaming sector[3]. 2. **Identity Verification**: By utilising AI-driven identity verification, Yaspa helps ensure compliance with regulatory requirements and reduces the risk of fraud in gambling transactions[3]. 3. **Advanced Player Protections**: Yaspa's solutions aim to protect players by providing tools that support responsible gambling practices, aligning with regulatory demands for increased player safety[3].
Yaspa's technology and strategic expansion into the U.S. market are expected to contribute to the growth of open banking in the iGaming industry by enhancing customer experience, improving transaction efficiency, and aligning with rising regulatory standards for player protection[4].
Notable collaborations include Playbook Engineering, which integrated Yaspa into the payment gateways of its 10 UK brands earlier this year[5]. Playbook Engineering is now leveraging Yaspa's Intelligent Payments capabilities, with Luke Cousins, commercial director at Playbook Engineering, considering it a valuable addition for smooth, seamless, and speedy deposits and withdrawals[5].
As the U.S. open banking market matures, Yaspa sees a potential for further growth. James Neville, CEO of Yaspa, sees a huge opportunity to bring Yaspa's Intelligent Payments platform to operators in North America[6]. Yaspa's Open Banking solution has already demonstrated its effectiveness, handling up to 20% of all deposits within three months of being made available to players[7].
Moreover, players who start using Open Banking through Yaspa tend to stick with it, indicating its effectiveness as a retention tool[8]. James Neville will be participating in a Powerhouse Debate titled 'From compliance to competitive advantage: Section 1033 insights' at Open Banking Expo USA, and Yaspa will have a stand in the Exhibition Hall at the event[9].
In summary, the U.S. open banking market is entering a pivotal stage, and Yaspa, with its innovative solutions, is well-positioned to lead the charge in the iGaming sector.
[1] https://www.marketsandmarkets.com/Market-Reports/open-banking-market-2296.html [2] https://www.prnewswire.com/news-releases/global-open-banking-market-size-to-reach-usd-123-7-billion-by-2031-at-a-cagr-of-22-5-from-2024-to-2031-301624759.html [3] https://www.finextra.com/pressarticle/91511/yaspa-secures-12m-to-fuel-expansion-in-the-us-market [4] https://www.finextra.com/pressarticle/91511/yaspa-secures-12m-to-fuel-expansion-in-the-us-market [5] https://www.playbookengineering.com/yaspa/ [6] https://www.playbookengineering.com/yaspa/ [7] https://www.finextra.com/pressarticle/91511/yaspa-secures-12m-to-fuel-expansion-in-the-us-market [8] https://www.finextra.com/pressarticle/91511/yaspa-secures-12m-to-fuel-expansion-in-the-us-market [9] https://www.openbankingexpo.com/us/agenda/powerhouse-debate-from-compliance-to-competitive-advantage-section-1033-insights/
- The compound annual growth rate (CAGR) of the open banking market, predicted to reach $35.79 billion by 2031 in the U.S., is indicative of a rapid expansion that is expected to be mirrored globally.
- Yaspa, a fintech firm based in London, is leading this growth spurt in the open banking market with a recent $12 million investment, ready to expand its operations in the U.S. market.
- Yaspa's platform adopts open banking and artificial intelligence (AI) to offer real-time payment solutions, AI-driven identity verification, and advanced player protections within the iGaming industry.
- The iGaming sector benefits from Yaspa's technology through improved transaction efficiency, compliance with regulatory requirements, reduced risk of fraud, and increased player safety.
- Yaspa's potential for further growth in the U.S. open banking market lies in delivering its Intelligent Payments platform to operators in North America.
- The effectiveness of Yaspa's Open Banking solution is evident in handling up to 20% of all deposits within three months of being made available to players.
- players who use Open Banking through Yaspa tend to remain with the service, signifying its efficacy as a retention tool.
- Yaspa's CEO, James Neville, will be participating in a Powerhouse Debate titled 'From compliance to competitive advantage: Section 1033 insights' at this year's Open Banking Expo USA, where they will showcase their solutions in the Exhibition Hall.
