The UK internet bank is trialling an opening banking API that aims to be a universal gambling block for the entire gaming industry.
UK.- The online bank Monzo has joined up with open banking software provider TrueLayer to develop what it describes as an “industry-wide universal gambling block” for the financial services sector.
Monzo says it’s trialling an open-banking API that it will offer to all financial service providers, from banks to e-wallets, to allow them to block payments to gaming operators.
The announcement comes after Monzo’s chief executive this week put his name to a letter calling on the UK government to legislate to force all banks to offer gambling blocks.
The letter also called for gaming companies to be obliged to share their account numbers to a central registry to be used by tools that block gambling payments.
Monzo has said that 275,000 of its customers actively use its gambling block tool and that fewer than 10 per cent have deactivated it after its activation.
Monzo said: “Everyone should have access to a gambling block, regardless of who they bank with – or how they pay.
“This is relatively simple for banks and open banking providers to put in place but can have a big impact on someone’s well-being. Other banks and open banking providers should follow our lead, to allow gambling blocks to cover non-card payments.”