Home News Canada Gets a New Instant Bank Transfer from Paramount Commerce

Canada Gets a New Instant Bank Transfer from Paramount Commerce

By Manny Wood.
Fact checked by Wilbur Thompson.

Paramount Commerce, a global provider of bank-account-based payments, has announced the launch of its Instant Bank Transfer payment solution for iGaming and sports betting operators in Canada. The announcement was made at SiGMA Americas and the Canadian Gaming Summit.

The Instant Bank Transfer product has already demonstrated success in the North American online gaming and sports betting markets, offering industry-leading conversion rates, risk management, and ubiquitous bank coverage. It includes innovative features such as one-click express deposits and in-game deposits, allowing consumers to quickly and securely add funds to their online gaming accounts without interrupting their gaming experience.

One of the unique features of Instant Bank Transfer is that it validates payment account ownership on both withdrawals and deposits, making it possible for consumers, regardless of the deposit method used, players can have their winnings deposited directly into their bank account.

Dave Roe, COO of Paramount Commerce says that a smooth payment solution based on bank accounts is necessary due to the relatively low acceptance rates of credit cards to facilitate transactions within Canada’s iGaming market. He also points out that enhancing player acquisition and loyalty will be a significant advantage for Ontario’s newly regulated market through the use of Instant Bank Transfer.

The timing of this launch is crucial for the online gaming industry in Canada, as iGaming merchants in Ontario now have access to a fully compliant solution.

Due to the trend of gaming moving towards an omnichannel approach, the variety of online payment preferences among consumers has increased. As a result of the pandemic, many gamers have experimented with new online payment methods. Credit cards remain the most popular payment method in Canada, followed by debit cards, but APMs, digital wallets, and eCash are gaining popularity. To simplify the integration process, payment providers have created APIs that allow operators to connect to a comprehensive range of payment methods through a single integration. Customers demand increasingly seamless experiences, and optimizing the sign-up and deposit process has traditionally been challenging. To enable consumers to transition smoothly between channels, operators must tokenize sensitive payment information. Instant payments are also crucial as consumers’ transactions must be confirmed and available in real time across all platforms. In this environment, any new payment system that improves the gaming experience is a win-win situation for both gamers and businesses.