In a press release dated Sept 18, Xace have announced their payment institution license from the FCA, making them the first neo bank specifically designed for the gaming market.
By enabling casinos, sportsbooks and lotteries access to bank accounts with named IBANs and UK account and sort codes, Xace is seemingly solving a significant pain point for igaming related companies and players and is welcome news for the industry as a whole.
Also announced is the ability for account holders to use virtual debit cards via the Visa network, a powerful feature for gaming with online casinos perfectly setup for card payments via their payment gateways, while companies can use for managing company expenses and providing staff access accounts via a simple card.
Targeting a position as ‘the go-to for the gaming industry’ Xace has started strong with over 1000 account applications in the first few weeks, demonstrating the value such a product brings to the gaming market.
Xace CEO David Hodkinson goes on to state: “Approval from the FCA is a significant step in our journey to becoming the go-to digital banking platform for gaming enthusiasts, high rollers and businesses. Xace has been designed for the gaming industry and this approval is testament to our extensive understanding, knowledge and experience of compliance in the industry.”
Xace accounts are now available to the gaming industry for those residing in the UK and Europe.