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Business services
KYC in gambling: a compliance guide for secure payments and account approval
The subject of Know Your Customer or KYC in gambling is important for ensuring that online gambling regulations are being met at all times. It is a process to ensure that the operators of sportsbooks and online casinos find out enough information about their users to carry out identity verification. It ensures that areas like anti-money laundering AML and a block on underage gambling are covered as part of the standard KYC process for all new customers. It’s particularly important in those cases where the operators manage payments and banking relationships. What is KYC in gambling? The KYC process sees
Business services
Can banks block gambling transactions? How it works and what you need to know
In reality, banks could block any spending/payment from their customers, not just gambling-related transactions. There are a few reasons in total, but they are significant – regulation, anti-scam protection, or built-in limits specifically targeted at gambling payments. The last one is designed to promote mental well-being, prevent compulsive behavior, and align with growing regulatory expectations. It is expected to help individuals gain greater control over their finances and reduce impulsive spending during gambling. These blocks are becoming more common as banks, regulators, and mental health professionals recognize the impact of problem gambling. Features like the gambling block were designed to
Business services
Wallet vs. bank account for gambling: which is safer & more convenient?
The question of wallet vs. bank account gambling is becoming more important as gambling moves into an increasingly digital approach. Online casino payments can be made in a number of ways, with the speed, control, and privacy of transfers among the main areas to consider when looking at betting solutions. By looking at the most popular payment methods, we can see the key differences that let you make the right decision. How to make the right choice between bank transfers and e-wallet transactions With the online gambling industry growing and attracting different kinds of players, they all face this choice
Business services
Bank account for gambling: everything you need to know
Financial institutions and regulators have always treated gambling with caution, but scrutiny of gambling-related transactions has really ramped up in the last decade. This shift is driven by concerns over money laundering and other potential criminal activities, leading to increasing regulatory pressure across jurisdictions worldwide. As a result, traditional banks may flag or even block certain transactions associated with online casinos, sports betting, or other forms of gambling. The regulatory environment is different from country to country, but the core problem they are designed to solve is similar: So, why does it matter for online gaming and gambling companies? For
Business services
What is a money transfer API? A complete guide
We aim to explain what APIs (application programming interfaces) truly represent and how financial institutions utilize API banking to facilitate money transfers. The reason for that is twofold: first, the growing popularity of using API to send money or utilize other financial services, and second, Genome, as a provider of API-driven payment tools, sometimes faces questions from clients such as “What is banking API,” “Do I need API for a bank account,” and so on. Discover what API banking is and how Genome utilizes APIs for its financial services below. What is an API money transfer? In broad terms, a
Money and you
Italian neobanks explained: what are they, market overview, and benefits
If you’ve ever seen a neobank in Italy or elsewhere, you’ve discovered the world of digital banks and online payments. This type of online bank is now springing up across the planet and enjoying rapid growth despite not having the physical presence of branches like traditional banks. We’ll be looking at the data to see the top players in the Italian digital banking scene. This is part of a fast-moving trend where millions of customers manage their bank accounts from an app or website, moving billions of pounds, euros, and dollars without visiting a bank branch. What is a neobank?
Business services
A guide to online gambling in Cyprus: laws, payment methods, and industry trends
Online gambling in Cyprus with casino games like slots, roulette, and blackjack is an increasingly popular activity. The presence of regulatory frameworks is the key to understanding this industry, as it provides casino operators and sports betting bookmakers with the rules they need to operate legally in Cyprus. It gives players the confidence to play gambling games in Cyprus and expect to receive their winnings safely, too. When it comes to legal online gambling, Cyprus is one of the countries that issue a license to operators, although this mostly applies to sports betting rather than full-scale online casino games. However,
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The role of eWallets in iGaming: fast, secure, and player-friendly payments
eWallets provide an increasingly popular way of making online payments, with eWallets for iGaming particularly important now. This is one of the most effective ways to make fast and secure iGaming payments to start playing casino games for real money. It is one of the leading payment methods for online gambling for several reasons we’ll be looking at. While it’s also possible to pay directly from a bank account or use alternative methods to make payments, such as credit and debit cards from Visa and Mastercard, eWallets offer seamless transactions with low fees, among other benefits. The advantages of using
Money and you
What is an electronic money institution (EMI), and how does it work?
An Electronic Money Institution (EMI) is a type of financial entity authorized to issue, store, and manage electronic money – digital value that is backed by fiat currency and used for electronic transactions. Unlike traditional banks, e-money institutions are not permitted to offer full-scale banking services. However, they can now play a significant role in the modern economy by providing payment services, digital wallets, or facilitating international transactions. In countries that allow electronic money institutions, they are heavily regulated by financial authorities – often central banks – but not always in the same way as traditional banks. EMI must safeguard