Payment solutions should focus on benefiting the operators they work with rather than just making money, according to the Co-Founder of MuchBetter.
MuchBetter, the payments solution which has been operational since 2017, recently announced the release of its personal IBAN (International Bank Account Number) service.
Explaining how the company was formed and the idea behind using new technology to help solve problems for operators, Co-Founder Jens Bader told Gambling Insider at ICE London: “What the four of us wanted to do when we came together to build a company was use the fintech technology that’s out there and build a better payments product to tackle the payments challenges and issues the industry was facing.
“The IBAN is a demonstration of our creativity and how innovative we are. We continuously feed into that philosophy of finding some other new features that solve problems for operators.
“What makes us different is our approach to technology and innovation and the personal IBAN is testament to that. A lot of payment companies right now just come in, see the opportunity, charge high fees without caring if it’s good for the operator or not. That’s not our style, everything we do is for the good of our operators.
“While we can lower their fraud and processing costs, we also allow them to engage directly with customers. This gives operators incremental business and new sign-ups. None of the others do this. I would say a bit more innovation from payment providers would be good. There needs to be a step back on just concentrating on making money.”
Speaking about the new IBAN product, released during ICE, Bader said the simplicity of the service and the fact it can keep gaming activity private were among its standout features.
Bader added: “It’s a new and very special product for us, the first of its kind in gaming. What we do is we allow MuchBetter customers who have the app to create their own, new personal IBAN within the app. We give players the option for the IBAN to be associated with their MuchBetter account, or any of their gaming accounts with the operator.
“It’s almost like a personal firewall, which allows people to keep their gaming activity a bit more on the private side and to simply do it from their bank account without having to log in anywhere.”
Another relatively new product is MuchBetter’s CashDuster service, launched in November. This lets operators display promotions via the MuchBetter app, allowing operators to reach consumers directly on the app.
Bader believes this unique product, along with the philosophy of trying to bring benefits to operators, makes MuchBetter a disruptive payments solution.
Bader said: “CashDuster includes operator promotions we allow. Operators can define a promotion, set how long it can be valid for, and who they want to target, inactive customers for example.
“We send a push message to the customer saying they’ve got a new offer on the app and to come and check it out. This allows operators to engage with customers through the app immediately and interactively. Giving operators the opportunity to communicate directly to the end user is very unique – no other wallet does this.”
Along with its new features, MuchBetter has also announced a partnership with Mansion Group, which runs MansionBet, where MuchBetter will provide the operator with deposit and payout functionality.
Registration and KYC will also be simplified and players will be able to sign-up and instantly move money in and out of their account.