Monzo Bank Pioneers Universal Gambling Block
Monzo, the trendy online bank that is particularly popular with Millennials, is pioneering API banking technology that allows its customers to block payments to all gambling operators.
The open API, which they have developed with banking technology provider TrueLayer, is the first software of it’s type that would allow a “universal” block on payments to gambling companies, whether through e-wallets or other banks.
Monzo have said they would share this technology with any other financial institutions that wanted to incorporate the same blocks for customers that desire it. In fact, the CEO of Monzo, has publicly petitioned the UK government to force all UK banks to offer gambling blocks to their customers.
The letter also calls for the financial information of gambling operators to be stored in a centralised database so that this information can be used in universal gambling block tools.
The hip online bank released a statement in support of this endeavour. They stated:
“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.”
With regard to their current technology, Monzo have said that over 275,000 customers have opted in to the scheme and only 10% have decided to deactivate the block once they have started.
The gambling industry itself has been forced to reckon with questions like these in order to protect vulnerable customers. One such industry scheme that was put in place is GAMSTOP, which allows players to self-exclude from gambling websites and apps that are regulated by the UK Gambling Commission.
However, the sort of regulations proposed could go one step further and allow people to self exclude from all gambling both online and offline through their bank.
For more information on responsible and safe gambling, and what you should do if you need help with a gambling problem, then visit our Responsible Gambling page.
Interesting read. Monzo leading the way!