Sightline Payments LLC, a fintech firm specialising in payments for the regulated gaming industry, has announced the launch of “Sightline Debit”, described as a product that provides a “frictionless, customer-centric experience that streamlines both spending and wagering”.
Sightline Debit was developed in collaboration with Cross River Bank, a provider of technology infrastructure to fintech and technology companies, according to a Tuesday press release. Cross River is a subsidiary of banking services firm, CRB Group Inc.
The announcement said Sightline Debit “lowers payment costs for operators by minimising the constant churn cycle of withdrawals and deposits”. It also allows patrons to access their funds via their own personal bank account.
“Assuming broad adoption of Sightline Debit across the industry, churn of money is anticipated to decline by 40 percent, saving the digital gaming industry about US$700 million a year,” stated Sightline.
The firm’s new debit product – developed for the U.S. gaming industry – is said to “redefine” where funds are stored and how transactions “are authorised through a demand deposit account (DDA) at Cross River”.
“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,” noted the fintech company.
It added: “By having segregated funds meant for gaming activity, patrons are more closely able to adhere to their gaming budget, promoting responsible gambling.”
The update cited Sightline’s co-founder and chief executive, Omer Sattar, as saying that the cost of payments in digital gaming is “staggeringly high, on average, 4.5 times higher than that of other industries”.
He added: “Over nearly three years and 200,000-plus hours worked, in deep collaboration with seven of the largest gaming operators in America, we painstakingly took the payment ecosystem apart and reassembled it, creating an entirely new, bespoke ecosystem where payments in gaming now is cheaper for operators and easier, safer, and more responsible for patrons.”
Adam Goller, chief fintech officer at Cross River, said in prepared remarks that the collaboration with Sightline marked “a major leap forward for payments in the gaming industry”.
Mr Goller added: “By leveraging our proprietary banking core with Sightline’s deep industry expertise, we co-developed a first-of-its-kind solution that merges two previously siloed financial systems into one intuitive, real-time experience.”
The first phase of Sightline Debit is set to launch in the coming weeks “in several leading digital gaming markets,” as per Tuesday’s release.
