Monzo to launch Open Banking gambling block

Monzo has announced it is partnering with TrueLayer to develop an Open Banking-powered gambling block.

The gambling block is a completely optional tool that blocks card payments to gambling firms.

The online bank said that with gambling providers increasingly switching to convenient, Open Banking powered payments, Monzo and TrueLayer wanted to provide the same protections for customers using these new payment methods to gamble.

Customers can apply the gambling block to their Monzo account themselves in the app or by speaking to customer services.

Monzo said it was the first bank to introduce a gambling block in 2018, following demand from customers who wanted help controlling their gambling addictions.

More than 275,000 of its customers have chosen to activate the gambling block, and less than 10 per cent have ever switched it off permanently.

The pilot will enable customers to benefit from an extended gambling block that prevents card transactions and open banking powered payments to operators supported by TrueLayer.

The digital-only bank said that “everyone should have access to a gambling block,” regardless of who they bank with or how they pay.

It called on other banks and Open Banking providers to follow its lead by allowing gambling blocks to cover non-card payments.

The company said that “Open Banking providers offer a unique opportunity to help gambling operators seamlessly support those experiencing gambling harms - and empower consumers to stay in control of their finances.”

It said that initiatives like affordability checks to flag at-risk players earlier, spending limits to help ensure players do not overextend themselves, and friction free identity checks can all be improved using Open Banking.

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