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The Credit Thing goes live with TrueLayer’s Open Banking recurring payments, bringing VRP to consumers for the first time

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TrueLayer, Europe’s leading open banking platform, announced that The Credit Thing has successfully implemented its recurring payments API and made the first consumer Variable Recurring Payments (VRP) transactions in the UK.

The Competition and Markets Authority has mandated the UK’s nine largest banks to provide VRPs that support the automatic transfer of money between two accounts belonging to the same person, referred to as ‘sweeping’. TrueLayer is the first open banking provider to offer a single API that enables businesses to connect to select UK banks, including HSBC, to take recurring payments as a replacement for direct debit and card-on-file payments.

The Credit Thing is focussed on helping the more than 15 million people in the UK who are left behind by incumbent services due to thin credit histories. Using open banking to securely link bank accounts during the application process, consumers whose credit histories look thin or non-existent can prove their creditworthiness. In addition, by applying in-app rather than online, virtual cards are issued as soon as they are approved, which can then be added to Apple Pay or Google Pay or used to pay for purchases online.

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An existing TrueLayer customer for standalone consumer payments powered by open banking, it is now using the firm’s recurring payment API to deliver an improved experience for consumer repayments. Rather than clunky direct debits that can take days to process, with TrueLayer consumers can mandate recurring payments in seconds and The Credit Thing receives instant notification.

Consumers also have far more control, with a single payment approval that removes the need to re-authenticate or re-authorise transactions, through a payment consent that is tied to a bank account and doesn’t expire until it’s revoked by them. Unlike both direct debit and card-on-file, recurring payments with TrueLayer provide The Credit Thing with instant access to the funds deposited. It’s also a more cost effective alternative, removing the fees incurred by card payments and their potential for chargebacks, and the operational overheads of managing direct debits.

Colin Hollingsbee, CIO for The Credit Thing, commented: “Could this be the beginning of the end for Direct Debits? VRP is a real game changer. We pride ourselves on providing great experiences and being at the cutting edge. That’s why we’re excited to be the first in the industry to do this with TrueLayer, reinforcing our philosophy to deliver on innovation.

“This isn’t innovation for the sake of it. It delivers meaningful benefits – consumers are firmly in control, the service is secure and user friendly, the cost of service is ultra competitive, and regular payment approval rates are likely to be phenomenal.”

Kirill Zotin, CTO for The Credit Thing, added: “VRP integration may sound complex, but with the TrueLayer partnership it was seamless. It took just a few weeks from our first conversation to live payments. This is what the future of banking looks like, when agility and innovation pushes the boundaries of available services. I’m really glad that consumers using The Credit Thing already experience the future of payments.”

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Matt Parish, Product Lead for VRP at TrueLayer, commented: “This is a significant day for the UK payments industry – the first business using variable recurring payments to deliver a better consumer experience. TrueLayer’s first-of-its-kind API brings the transparency, speed and control of VRP to more people in the UK as a replacement for direct debit and card-on-file payments. We’re delighted to be working with an innovator like The Credit Thing who has seen the massive potential of VRP to support its business.”

TrueLayer is the market leader having launched the industry’s first recurring payments API for both sweeping and sweeping in early May. This was followed by NatWest Group signing an agreement with TrueLayer to provide VRPs as a new payment option for businesses and consumers.

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MIRACL partners with Continent 8 to offer its single-step passwordless MFA solution to simplify the login experience

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MIRACL’s passwordless multi-factor authentication (MFA) service adds to Continent 8’s multi-layered cybersecurity and regulatory compliance suite of solutions, providing secure, frictionless logins on any browser or device.

MIRACL, a provider of passwordless multi-factor authentication (MFA), today announces a new partnership with Continent 8 Technologies, a leading provider of global managed hosting, connectivity, cloud and cybersecurity solutions to the iGaming and online sports betting industry.

This collaboration has enabled Continent 8 to enhance their regulated cybersecurity product portfolio with MIRACL’s secure, single-step MFA solution, offering the most secure and efficient authentication experience possible.

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MIRACL’s MFA service streamlines the authentication process with a single personal identification number (PIN) code or device-based biometric. This allows players to access an online service via browser or app in under two seconds – 20 times faster than traditional multi-step MFA methods. Crucially, this means MIRACL enjoys the highest Login Success Rate, 99.9% on average, which leads to increased traffic and conversions, boosting revenue and enhancing user experience.

The solution also saves cost by preventing account takeovers and minimising account resets, allowing gaming operators and suppliers to reduce IT helpdesk and infrastructure support costs.

The MIRACL MFA solution delivers banking-grade security through a zero-knowledge framework, ensuring that no security-related information is stored or shared. By eliminating credential exchanges, the service is fully resistant to all remote and brute-force attacks, including credential stuffing, man-in-the-middle, password spraying, phishing, replay and SMS fatigue, thereby offering zero vulnerabilities. The MFA solution complies with the most stringent security and privacy regulations, including MFA legislation requirements for the regulated iGaming and online sports betting industry.

Rob Griffin, CEO at MIRACL said “The shift to mandated MFA by regulators is set to be a massive change in the industry with requirements changing quickly across the globe. MIRACL meets 100% of these requirements for 100% of users while also massively improving their experience.

Over the last 25 years, Continent 8 has become a trusted authority within iGaming in respect of cybersecurity, regulatory adherence and the art of provisioning gaming services that delight their customers. MIRACL’s innovative solutions exceed customers’ expectations in all three of these realms so for us, Continent 8 is the perfect partner. We look forward to bringing our passwordless, single-step MFA to their global client base.

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While operators can understand conceptually the potential for passwordless authentication to increase revenues and save costs, they need a trusted and expert partner to help navigate the path. Working closely in tandem, MIRACL and Continent 8 can meet that sizable customer need to ensure customers realise the massive ROI that MIRACL’s passwordless MFA enables.”

MIRACL’s passwordless MFA solution will be part of Continent 8 and C8 Secure’s (a Continent 8 company specialised in cybersecurity) comprehensive suite of multi-layered cybersecurity solutions. The current portfolio includes VAPT, Compliance Audit, DDoS, EDR & MDR, Mobile Protect, SafeBait, SIEM & SOC, V-Scan, Backup and WAAP services, among others.

David Brace, Principal, Innovation & Technology at Continent 8, said: “Speed, uptime, compliance and security are the pillars of our business, whether it be infrastructure, connectivity or the protection of digital assets. By partnering with MIRACL, we add an MFA service that protects players from fraud and cyber attacks, meets regulatory compliance and offers operators a swift, password-less MFA experience.

“This strategic alliance is a significant step forward in our ongoing mission to be the trusted cybersecurity and infrastructure partner for the regulated iGaming and online sports betting industry.”

The post MIRACL partners with Continent 8 to offer its single-step passwordless MFA solution to simplify the login experience appeared first on European Gaming Industry News.

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7777 gaming signs strategic agreement with R. Franco Digital, expanding reach in Spain and Latin America

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7777 gaming signs a strategic agreement with R. Franco Digital, a prominent player in the gaming sector and part of the Orenes Group. This partnership sees 7777 gaming’s extensive portfolio of casino content distributed across Spain and key markets in Latin America, where R. Franco Digital has a significant presence.

Through this agreement, players in these regions will gain access to 7777 gaming’s popular and diverse titles, including Devil’s Deal Soul for Sale, Cash 100, Crazy 100 Bucks, Thracian Treasures, Crazy 20 Bucks, Barbarian, Candy Anyways, Club Mr. Luck, Jinn, Sea of Treasures, and many more. Known for their innovative features and captivating gameplay, these games are set to bring a fresh wave of excitement to players across Spain and Latin America.

Zhana Aleksandrova, Business Development Manager for Spain & Latin America at 7777 gaming, commented: “The signed agreement with R. Franco Digital gives us another level of motivation and dedication to two very important markets for us – Spain and Latin America. R. Franco Digital has a strong presence, a wide network of partners, and an audience that loves exciting and innovative casino games. We are confident in our mutual success and are looking forward to receiving feedback from the players’ community.”

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Guillermo Ruipérez, Head of Sales at R. Franco Digital, added: “We always strive to adapt our offerings to the requirements of our clients and their players. Our partnership with 7777 gaming aligns with our mission to offer the latest and most innovative gaming concepts available on the market right now. We are constantly upgrading and expanding our portfolio of providers to ensure that our clients are satisfied with what we can offer.”

This collaboration represents a significant step forward for both companies, as they work together to bring high-quality, engaging casino games to new and existing players in these vibrant markets.

The post 7777 gaming signs strategic agreement with R. Franco Digital, expanding reach in Spain and Latin America appeared first on European Gaming Industry News.

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AFC signs MoU with IBIA to strengthen fight against match-fixing

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The Asian Football Confederation (AFC)’s resolve to protect and safeguard the beautiful game in Asia was further underlined today through the signing of a four-year Memorandum of Understanding (MoU) with the International Betting Integrity Association (IBIA).

Moving forward, the AFC and IBIA will work closely to detect irregular betting patterns and suspicious activities in football matches across Asia. IBIA, through its Monitoring and Alert Platform, will share real-time data on suspicious betting activity with the AFC, further enhancing the AFC’s abilities to promptly investigate potential match manipulation.

The AFC General Counsel and Director of Legal Affairs, Mr. Andrew Mercer said: “The AFC’s Vision and Mission has outlined our steadfast ambitions to uphold the highest ethical and sporting standards, and we are committed towards preserving our key tenets of fair play and integrity.

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“Leveraging on strong collaborations with the world’s leading organisations is imperative to our fight against match-fixing and this MoU with IBIA further strengthens our ability to ensure football in Asia remains clean for the benefit of our future generation of fans, players and all our valued stakeholders.”

Khalid Ali, CEO of IBIA, said: “Cooperation is a vital part of any effective integrity monitoring and investigatory framework and IBIA is delighted to be able to strengthen its relationship with the AFC through this important information sharing collaboration. For its part, IBIA will seek to safeguard the AFC ecosystem by utilising the monitoring of its members’ global customer account activity, which covers over $300bn in sports betting per annum.”

Mr. Mercer, added: “The AFC is committed to promoting integrity, ethics, and fair play in Asian football and we are pleased to work with IBIA as we strive to enhance our capabilities to monitor and address suspicious activities, ensuring that football in Asia is safeguarded from the threats of match manipulation.”

The MoU between the AFC and IBIA marks a significant step forward in the fight against match-fixing in Asian football with both organisations dedicated to creating a secure environment for the sport, fostering trust amongst fans, players and all stakeholders.

The post AFC signs MoU with IBIA to strengthen fight against match-fixing appeared first on European Gaming Industry News.

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