What is TrueLayer?
The payment ecosystem is going through a revolution as consumers demand faster, cost-efficient and more convenient transactions than traditional solutions. TrueLayer is one of the payment methods heralding this change. The open banking platform enables businesses, such as gambling websites, to integrate financial information and advanced payment options into any app. Players can then use these apps to deposit and withdraw at online casinos.
Open banking or open bank data is a system that grants third-party financial services access to consumer banking information. In this case, TrueLayer, with your permission as the consumer, gets to control your personal and financial data. Therefore, the platform transacts on your behalf, among other activities. TrueLayer boasts a robust infrastructure that delivers some of the fastest payment rails in the open bank data sector.
Through its simple API (application programming interface), TrueLayer links to thousands of banks in the UK and the EU. Its growing open bank data system has made it one of the top deposit alternatives at UK online casinos. The service provider classifies itself as an OB expert. Currently, the platform routes 50% of the OB traffic in the UK, Spain and Ireland. TrueLayer also claims 22% higher payment conversion compared to different providers. For these reasons, the platform has become the go-to for gambling operators looking to get into open banking powered payments. Several leading online casinos already use the TrueLayer API to offer OB deposits, thus, delivering dependable, seamless and low-cost transactions.
Pros vs. Cons of TrueLayer Deposits
- Optimised user experience
- Streamlined signup process
- Improved security
- Connects to the largest financial institutions
- Potential security risks
- Limited availability
The Best TrueLayer Casinos
At the moment, only a very small amount of online casinos in the UK support TrueLayer, as it's a very niche and new payment method that has yet to receive universal acceptance.
Among them, the most reliable one, and the one we'd recommend wholeheartedly, is LeoVegas. The casino is not only proven to be reliable, but also offers rather generous bonuses, most of which can be claimed even with a TrueLayer deposit. You can read all about it in our comprehensive LeoVegas review.
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5 Things You Should Know About TrueLayer
Step by Step Process of Making a TrueLayer Deposit
Even though TrueLayer links directly to your bank account, the deposit process is slightly different from e-wallets. Here's how:
- Estimated Time
- What You Will Need
- A TrueLayer account with money in it and an account at a casino that supports it
- Equipment Required
- A PC or laptop and stable Internet connection
Fees & Taxes for Making a Casino Deposit with TrueLayer
The use of TrueLayer for casino payments is still in its infancy. Therefore, not a lot of information is available on certain features like fees and taxes. Currently, Open Banking doesn't support foreign currencies. So, a UK player can only share data for a GBP account. The daily currency conversion rates are charged when you deposit in a foreign currency that the bank has to convert into the local currency. For this reason, the initial and settled amounts might not be the same. Players should confirm with specific gambling websites if other fees apply when depositing with TrueLayer.
How to Withdraw Your Casino Winnings Using TrueLayer
TrueLayer Casino Safety - Is Depositing With TrueLayer Secure?
By default, open banking is highly secure. The system lets gamblers deposit at online casinos without exposing their financial information. Gambling websites are incredibly prone to cyberattacks due to the copious amounts of data they store. With TrueLayer, players don't have to fret about threats like identity theft. The OB platform uses bank-grade security that abides by the PSD2 EU regulations that require open access to customer financial data. TrueLayer uses AEB 256bit encryption that generates three keys that have to be present simultaneously to decrypt information. So, users can be confident that all details transmitted via the site are safe.
The company is registered with the FCA the ICO, meaning it operates under strict financial services standards. Furthermore, it holds an ISO27001 compliance certificate in information security management. The platform doesn't store user credentials, proving there's no risk of unauthorised access to your bank account.
3 Tips for Making the Most out of TrueLayer Casino Deposits
- Players new to open banking providers should take the time to learn more than a few basics. Be wary of hidden fees, especially from your bank, because these charges can eat into your gambling budget.
- Watch out for TrueLayer promotions. Since it's a new payment alternative, some online casinos might have TrueLayer bonuses to entice players. A decent bonus pads your bankroll, increasing your play time.
- You can use TrueLayer to analyse your spending patterns for better control of your gambling activities. By allowing the casino to limit deposits, you can reduce problem gambling risks.
TrueLayer VS PayPal - Which to Use?
PayPal is among the leading gambling deposit methods, and for good reasons. It's reliable, safe and fast. In terms of usability, PayPal rates as highly as TrueLayer. The virtual wallet has a simple interface that facilitates quick transactions. Another similarity between the two is that users don't have to divulge sensitive financial and personal data when depositing at online casinos. PayPal scores points on TrueLayer when it comes to credibility. The e-wallet launched in 2000 and, since then, has built a solid reputation as one of the safest digital payment methods. Some users might be reluctant to trust TrueLayer because it is a relatively new market entry.
Nonetheless, TrueLayer provides robust security measures that allow it to compete fairly with PayPal. The OB system encrypts data and is PSD2 compliant, thereby, guaranteeing safe access for financial services. TrueLayer also promotes responsible gaming better than PayPal because it enables operators to monitor gambling behaviours and cut off at-risk players. Whether you use PayPal or TrueLayer for casino payments boils down to the solution that best serves your interest.
TrueLayer Support - Who to Turn To When Having Casino Deposit Issues?
Reach out to the gambling website in case you are having trouble connecting to TrueLayer. However, if the OP platform is the problem, contact them directly. TrueLayer customer support promises a response within 30 minutes. You can contact customer service between 8:00 to 20:00 GMT for any queries. The TrueLayer site provides several means to contact the support team.
You can chat with an agent live, which is suitable for urgent matters. Alternatively, you can create a ticket on the 'Help Centre' page, post on the TrueLayer Community or tweet. If your banking information is inaccurate, then contact your payment account provider. In instances of suspected fraud, for example, funds deducted from your bank account failing to reflect in your casino account, write to us on the Contact Us page.
History of TrueLayer - How TrueLayer Came to Be
TrueLayer launched in 2016 with a vision to take open banking mainstream. The idea was to create payment solutions that empowered businesses across various industries. Francesco Simoneschi and Luca Martinetti founded TrueLayer as an alternative to traditional card payments. The two wanted to create a global platform that enabled enterprises to develop new financial services and products. With Simoneschi as CEO, TrueLayer negotiated integration partnerships with several of Europe's major banks and financial institutions. Presently, TrueLayer has raised $270 m in funding. Its list of investors includes some of the biggest names in the industry, including Stripe, TigerGlobal and Anthemis Group. The company has offices in five major cities so far. These are London, Dublin, Hong Kong, Milan and Sydney.
Alternate Payment Method - TrueLayer Alternatives
Online casino users have an array of other payment alternatives from which to choose. Before open banking providers like TrueLayer entered the market, gambling operators were already offering reliable payment solutions. So, players who might not be comfortable with TrueLayer can find other ways to deposit and withdraw at online casinos. However, learning how different banking alternatives work is critical to smart decision making. Below are some primary choices.
Players who use debit cards for casino transactions can set up automatic payments. You manage the payments, hence, giving you control over your funds. A debit card doesn't oblige you to give data access to any third party, which protects your information. You don't have to worry about a cyberattack on an OB system compromising personal and financial details. Consumers tend to trust card payments more than other transactions. The downside is that every time you need to deposit at a gaming site, you have to input your card details. Additionally, some card issuers include a service charge for casino deposits. TrueLayer doesn't charge you for transactions, but, your bank might.
When it comes to speed, PayPal and TrueLayer are not different. PayPal deposits are available instantly in your casino account. The biggest advantage the digital payment service has over the OB platform is availability. PayPal offers services in over 200 countries. So, UK players who want to gamble while outside the country can do so without any issues. In comparison, TrueLayer currently serves 9 countries. Thus, players who move from place to place will need to change payment methods. Like TrueLayer, PayPal doesn't require you to provide your card or bank details. You only have to submit your email address and authorise payments. However, PayPal deposits can incur fees at selected casinos.
A majority of online gamblers prefer virtual wallets for casino deposits. Neteller and Skrill are two of the most popular. The e-wallets provide instant deposits, which puts them at par with TrueLayer. Like PayPal, Neteller and Skrill can connect to your credit card, debit card, or bank account for funding. These two are viable alternatives in regions where PayPal is not available. A huge plus side the digital wallets have over TrueLayer is foreign currency support. You can take gambling with you to different regions and still deposit without any issues. Another advantage is that the e-wallets have built a strong reputation in the iGaming sector, which TrueLayer is yet to do.
Cryptocurrency casinos cater to players who seek convenience, speed and security in their transactions. Even though TrueLayer ticks all these boxes, Bitcoin has one advantage - decentralisation. Since blockchain transactions occur on a distributed, public network, they don't have third-party interference. Hence, they have lightning-fast payments and little to no fees. Moreover, they are immutable, which increases payment security. Bitcoin deposits also offer a degree of privacy, allowing gamblers to keep their entertainment expenditures off their bank statements.
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Frequently Asked Questions About TrueLayer Deposits
How long does it take to receive winnings withdrawn via TrueLayer?
Through its Payouts service, TrueLayer avails casino withdrawals in a few seconds to a maximum of 2 hours. Casinos usually have to conduct KYC checks during cashout, which TrueLayer simplifies. The player's account data is pre-populated and verified, thus, saving the gambling operator the process of manual reviews. Users also get a streamlined withdrawal process, where it takes one click on the casino website to request a payout.
What is the minimum deposit amount required to deposit via TrueLayer?
In the UK, users can deposit at least £0.01. However, UK casinos establish minimum deposit limits customers must adhere to. Some websites have uniform minimum deposit requirements for all payment methods, but others single out certain options. Therefore, check if your preferred casino has unique terms for TrueLayer deposits.
Is it free to open a TrueLayer account?
Yes. TrueLayer doesn't charge the end-user to access its various services. However, your payment account provider, for example, a bank or credit card issuer, might impose fees on its services or app. Since TrueLayer charges its partners, those costs could be passed on to the end-user. For that reason, verify if your payment account provider charges you to use TrueLayer.
How long does it take for a TrueLayer deposit to appear in my account?
TrueLayer deposits are instant. It's one of the service's USPs. After confirming the amount you want to deposit and the bank, TrueLayer connects to your account and transfers the money if everything is in order. By accelerating KYC and AML procedures, the platform reduced transaction time significantly. Hence, you can start wagering a few seconds after funding your account.
In which countries can I use TrueLayer online casino deposits?
The platform is currently available in Australia and several countries in Europe - the UK, Ireland, Germany, France, Spain, Italy, Lithuania, and the Netherlands. At the time of writing, TrueLayer is not available in the Crown Dependencies. Therefore, players with accounts domiciled in the Isle of Man, Guernsey and Jersey don't qualify. The 'Coverage' section on the TrueLayer website provides an updated list of eligible countries and territories.
How to check if an online casino has a TrueLayer bonus?
When playing at a TrueLayer gambling site, head to the promotions page to see if the operator has specific offers for this particular deposit option. Also, check if the general bonuses, like the welcome offer, are available for accounts funded through TrueLayer. Casinos sometimes disqualify particular payment solutions from participating in promotions.
Do I need to fund my TrueLayer wallet, or can I deposit straight with my bank account?
You don't have to send money to TrueLayer to be able to deposit at online casinos. The OB system links directly to your bank account. Therefore, you only need to have sufficient funds in your chosen account to authorise the payment. Note that the bank account type determines if you can deposit via TrueLayer.
Is it possible to play live casino games using TrueLayer deposits?
Once the funds are in your player account, you can proceed to gamble as you would when using traditional payment methods. So, yes. You can bet on live dealer games. Check with the casino, though, in case it has certain restrictions on open banking powered payments.
Can I deposit via TrueLayer from an iOS device?
It is possible to transact app-to-app and app-to-web using TrueLayer. Hence, you can fund your casino account from your iPhone. However, your chosen bank determines if an iOS application is available. Thus, confirm with the financial institution first.
What currencies does TrueLayer support?
The open banking provider doesn't offer a full list of supported currencies. However, it does explain that when you transact with a foreign currency, the bank converts it to the local currency, such as GBP for UK customers. The daily conversion rate applies
Is it legal to deposit using TrueLayer?
Yes, if gambling operators seamlessly support Monzo and Truelayer, that means it's completely legal to deposit with them. Recent gambling act review has issued multiple restrictions to casinos as of late, such as blocking card payments and restricting financial service providers. It's all done to prevent gambling addiction, but ultimately, it's up to the casino to comply - meaning that if they take TrueLayer payments and card transactions when they're not supposed to they'll get in trouble, not you.
What's the advantage of using TrueLayer?
As mentioned above, recent gambling blocks may prevent regular bank transactions from being performed by a gambling firm specifically, leaving them unable to accept normal transactions. When you see a gambling block activated, you need to look for other banks to accept deposits from - as such, open banking providers offer that alternative to gambling businesses.