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Trustly closes acquisition of Ecospend – becoming the leading Open Banking payments company in the UK

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Trustly closes acquisition of Ecospend – becoming the leading Open Banking payments company in the UK
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Trustly, the global payments platform for digital account-to-account (A2A) transactions announced the closing of the acquisition of UK-based Open Banking payments platform Ecospend, following FCA approval. Trustly and Ecospend together become the leading Open Banking payments company in the UK, featuring connectivity with over 80 banks and a consumer reach of approximately 50 million consumers.

The UK is one of Europe’s most rapidly growing A2A markets and a core growth market for Trustly. Ecospend’s strong UK Payment Initiation Services and Data Services, such as affordability and identity verification solutions, coupled with full UK bank connectivity, make it a strategic fit with Trustly’s collection capabilities and cross-border reach. The combined entity is well-positioned to deliver a compelling product in the UK, accelerating its expansion in the market, as well as in the rest of Europe.

Together, Trustly and Ecospend capabilities will feature:

  • Market leading bank connectivity with +80 banks in the UK
  • Extensive consumer reach with +50 million consumers in the UK
  • Strong payments volume of over £7.5 bn in the UK for 2022

Many of Trustly’s UK customers are already benefiting from the partnership and the use of Ecospend’s Open Banking technology solutions.

“We are very excited that we have now officially closed the acquisition. This is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK. We can’t wait to continue our expansion journey as a collective team, bringing best-in-class Open Banking solutions to both consumers and merchants”, Johan Tjärnberg, Group CEO of Trustly, comments.

Ecospend, founded in 2017, is an FCA regulated pay-by-bank payments provider powering the next generation of payments and financial data services. Ecospend serves clients in a range of industries. The company holds a key contract with the tax authority of the UK government, HMRC.

“The UK is the largest digital payments market in Europe and represents a huge opportunity for us. We have seen an incredible appetite from both consumers and businesses to embrace Open Banking and the simple and secure payments that it enables. Trustly and Ecospend will be able to excel in this space with the most comprehensive and compelling solution on the market”, says James Hickman, Chief Commercial Officer at Ecospend.

Gaming

BGAMING DONATES $5,000 TO UKRAINE CHARITY FOLLOWING ICE LONDON PLEDGE

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iGaming content provider BGaming has donated $5,000 to UNITED24, a charity raising money for medical aid and critical needs in Ukraine.

At this year’s ICE London, the fast-growing firm gave visitors the chance to receive merchandise featuring designs by renowned London artist Thumbs.

As an alternative they pledged to give $50 to the charity instead, which more than 70 generous partners opted to take up.

After boosting the final amount, BGaming has now pledged to continue its fundraising drive at IGB Live! Amsterdam, SBC Barcelona, and SiGMA Malta later this year as part of a commitment to ‘create positive change’.

UNITED24 was set up by the Ukrainian government to provide a secure platform for donors to raise funds for medical aid, defence and demining and rebuilding Ukraine.

Currently, they are running two medical aid projects which seek to raise money for more urgently needed ambulances in the war-torn country.

At the time of writing, it is estimated more than 8,000 civilians have been killed in the conflict, while more than 13,300 are believed to have been injured.

Catherine Puteiko, CMO of BGaming, said: “Small acts of kindness can have a big impact on the world, from caring for others to creating positive change. BGaming’s recent charity initiative at the ICE London exhibition was a shining example of this ethos.

“Our partners had the option to donate to a worthy cause or receive our branded merchandise, and we’re thrilled to share that this simple initiative raised 5000 dollars for victims of war in Ukraine. Let’s continue to think big and act small to make a positive impact on the lives of others!”

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Gaming

PRESS STATEMENT OF PAGCOR REGARDING OFFSHORE GAMING OPERATIONS

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Senate Ways and Means Committee Chairman Sherwin Gatchalian presented the chairman’s report which cited that the risks of allowing the continuous operations of offshore gaming operations outweigh their benefits to the country. Citing R.A. No. 11590, he further states that offshore gaming should be shutdown, now that there is no third-party auditor monitoring their income.

The Philippine Amusement and Gaming Corporation (PAGCOR) would like to reiterate its firm commitment to uphold the integrity of the gaming industry in the Philippines, including offshore gaming.

After determination of Global ComRCI’s default in its obligations and commission of unlawful acts under R.A. No. 9184, a Notice of Decision to Terminate the Consultancy Contract was served to third-party auditor Global ComRCI on March 9, 2023, effective upon thirty (30) days from receipt thereof.

PAGCOR is now in the process of engaging a capable and reputable third-party auditor who can independently and accurately conduct verification of the offshore gaming licensees’ gross gaming revenues.

Further, PAGCOR reassures the public that to maintain the integrity of regulated gaming in the country, the state-run firm will not hesitate to impose appropriate sanctions or penalties to erring licensees or service providers. We will ensure that all revenues from regulated gaming will continue to support the government’s nation-building efforts and uplift the lives of Filipinos.

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Gaming

OnAir Entertainment™: Flexibility of more providers vs. Exclusivity with a single provider

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OnAir Entertainment™️, the go-to live casino games provider, has added their voice to the increasing industry concern regarding the negative impact of exclusivity deals within the live casino space.

There has been a growing discussion around the impact of exclusivity deals on operators and platforms, with OnAir Entertainment™ believing that one supplier setups create several limitations for operators. Limitations arising from exclusivity push players to find additional options from more diversified live casino offerings. It’s known that players prefer websites with more content choice, allowing them to search for the games they want to play – player freedom is vital to maximizing cross-sell and therefore increasing platform revenue.

Do exclusivity agreements truly fulfil the promises and needs of the industry? Markets need to change rapidly, adapting to new and more restrictions on operators, which requires sufficient flexibility and creativity. Can an agreement set in stone, determined by a single supplier and based on a rigid commercial model, be flexible to a regulatory landscape that is constantly shifting and help operators to be competitive?

Given the global nature of the biggest operators, multi-supplier deals also mean that they can test out different games across markets and not be forced to stick with one product globally. Less exclusive deals allow operators to be much more agile when operating internationally, as localization needs must not be ignored. A key part of OnAir Entertainment’s™ product offering is the ability to input customizable elements within their digitally branded and localised environments so that operators can reinforce and scale their brand together with OnAir Entertainment’s™ tech. While also using reasonable commercial terms so our operators can test audience response in branded environments with low risk before committing to more sizeable projects.

There is no doubt that the variety of live casino suppliers continues to grow, causing increased industry competition and that this competition pushes continued innovation within the iGaming industry.  It is this belief in constant innovation that is at the core of all OnAir Entertainment’s™ operations. By continuously developing improvements in UI design, 3D animations, allowing for localization and the incorporation of brandable elements – OnAir Entertainment™ hopes to increase user engagement and player experience.

Seval Alev Kaya, Director of Business Development at OnAir Entertainment™, said “Innovation is at the heart of our operations, and our main priority is to provide maximum flexibility for our clients. Operator differentiation is directly linked to content diversity and harmony. We see that many operators are trying to widen their audience by adding more casino vendors, especially in live casino space in order to reduce the need for a single vendor that comes with unfavourable terms, high costs, and limitations. We are the alternative solution with a service-minded approach, invested in our client’s growth.”

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