Together, Cross River Bank, a provider of embedded financial solutions, and Aeropay, a provider of digital payments, can facilitate instant onboarding for operators and allow them to provide players with faster access to winnings, the companies said in a Wednesday (Feb. 7) press release.
“Providing 24×7, secure access to funds has become imperative to not only business survival but an improved consumer experience, particularly in the gaming sector,” Keith Vander Leest, head of payments at Cross River, said in the release.
To ensure transaction compliance and regulatory approval on a state-by-state basis, Cross River and Aeropay use custom API integrations, according to the release. Real-time transaction monitoring ensures the security of these transactions.
The partnership benefits from Cross River’s participation in the RTP Network, developed by The Clearing House, the release said. Unlike traditional ACH payouts that can take hours or days to complete, RTP payouts are processed in real time, making money available immediately, regardless of the day or time.
Since implementing instant payout capabilities, Aeropay has seen a 50% increase in high-frequency users, per the release.
“With RTP enabled, players gain instant access to payouts,” Aeropay CEO Daniel Muller said in the release. “Operators benefit by their ability to streamline their payout process and reduce settlement times, resulting in more satisfied customers.”
PYMNTS Intelligence found that payouts are part of the gaming industry that technology could improve, as gamblers complain about the contrast between casinos’ swiftness in accepting money and their sluggishness in disbursing winnings.
When given the option to receive instant disbursements, 79% of gamers choose that payment type, according to the PYMNTS Intelligence report “Sure Bet: Accelerating Gambling Payouts Makes Everyone a Winner.”
Speed and efficiency are vital for meeting the demands of consumers and businesses who expect instant transactions in today’s 24/7 global economy, Vander Leest told PYMNTS in an interview posted in October.
“If you can move money through the flow faster, that lowers costs … all of our FinTech [partners] are trying to figure out how some of these newer, faster payment rails can help them in their offering to their customers,” Vander Leest said.