Cross River Bank and Aeropay Partner to Enable Instant Payouts in the Gaming Industry
Cross River Bank, a provider of embedded financial solutions, has partnered with Aeropay, a provider of digital payments, to offer instant payouts in the gaming industry. This collaboration will allow operators to provide faster access to winnings for players through instant onboarding. Both companies highlighted the importance of secure and 24×7 access to funds in enhancing the consumer experience.
Custom API Integrations and Real-Time Transaction Monitoring Ensure Compliance
To ensure transaction compliance and regulatory approval on a state-by-state basis, Cross River Bank and Aeropay are utilizing custom API integrations. Real-time transaction monitoring is also implemented to ensure the security of these transactions. The partnership also benefits from Cross River’s participation in the RTP Network, developed by The Clearing House. Unlike traditional ACH payouts that can take hours or days to complete, RTP payouts are processed in real time, enabling immediate access to funds, regardless of the day or time.
Aeropay Sees 50% Increase in High-Frequency Users
Since implementing instant payout capabilities, Aeropay has witnessed a 50% increase in high-frequency users, according to the press release. Instant access to payouts through RTP has been a significant advantage for players, while operators have been able to streamline their payout process and reduce settlement times. This has resulted in a higher level of customer satisfaction.
Technology’s Role in Improving Gaming Payouts
Technology plays a crucial role in improving payouts in the gaming industry, as gamers often complain about the slow process of receiving their winnings. A report by PYMNTS Intelligence reveals that 79% of gamers choose instant disbursements when given the option. This report highlights the demand for speed and efficiency in meeting the expectations of consumers and businesses in today’s 24/7 global economy.
Lower Costs and Enhanced Offering with Faster Payment Rails
Keith Vander Leest, Cross River Bank’s Head of Payments, emphasized the importance of moving money faster and the cost reduction benefits it brings. Vander Leest stated that Fintech partners are exploring how faster payment rails can enhance their offerings to customers. In an interview with PYMNTS, he stressed the significance of speed and efficiency in meeting the demands of consumers and businesses alike.
Analyst comment
Positive news: The partnership between Cross River Bank and Aeropay to enable instant payouts in the gaming industry is expected to have a positive impact on the market. It will provide faster access to winnings for players, enhance the consumer experience, streamline the payout process, and reduce settlement times. This improvement in gaming payouts is aligned with the demand for speed and efficiency in today’s global economy. Additionally, it can lead to lower costs and enhanced offerings for customers. Overall, this development is likely to be well received by gamers and operators in the gaming industry.
