Fintech company Sightline Payments in collaboration with Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, has created a solution for the gaming industry, Sightline Debit.
According to the announcement, the solution creates a “frictionless, customer-centric experience that streamlines both spending and wagering.”
As stated in the update, this not only ‘lowers payment costs for operators “by minimizing the constant churn cycle of withdrawals and deposits, it also gives patrons access to their own funds anytime, anywhere, and in any way, in their own personal FDIC insured bank account.”
Assuming broad adoption of Sightline Debit across the industry, churn of money is “anticipated to decline by 40%, saving the digital gaming industry about $700 million a year.”
Sightline’s new debit solution “reimagines the gaming payment ecosystem—redefining where funds are stored and how transactions are authorized through a demand deposit account (DDA) at Cross River, Member FDIC.”
Customers gain greater control over their money, with the ability to spend securely and seamlessly “using a debit card issued by Cross River on the VISA network—putting choice, flexibility, and financial empowerment directly in their hands.”
In addition, by having segregated funds “meant for gaming activity, patrons are more closely able to adhere to their gaming budget, promoting responsible gambling.”
Sightline Payments co-founder and CEO Omer Sattar:
“The cost of payments in digital gaming is staggeringly high, on average, 4.5x higher than that of other industries. Over nearly 3 years and 200,000+ hours worked, in deep collaboration with 7 of the largest gaming operators in America, we painstakingly took the payment ecosystem apart and reassembled it, creating an entirely new … ecosystem where payments in gaming now is cheaper for operators ….”
With Cross River’s financial infrastructure utilizing VISA’s trusted global payments network, Sightline Debit redefines “how operators manage transactions, how patrons access their funds, and how the gaming industry approaches payments altogether.”
The first phase of Sightline’s ecosystem is set to “launch in the coming weeks in several leading digital gaming markets, bringing a new era of convenience and safety to patrons, and cost savings to operators by helping to resolve the issue of churn.”
As noted in the update, Sightline Payments is transforming “the gaming industry with financial technology solutions.”
As a provider of digital payment technology, Sightline enables gaming operators with “secure and omnichannel payment experiences.”
With an understanding of consumer behavior, regulatory requirements, and gaming operations, Sightline says that it delivers “compliant, and scalable payment solutions that enhance both operator efficiency and patron experience.”
Claiming to be “trusted” by more than 70 partners across 44+ states, they are focused on “redefining how payments drive the future of gaming.”