Sightline Payments, in a collaboration with Cross River Bank, has created a “first-of-its-kind solution” for the gaming industry, Sightline Debit.
The solution creates a frictionless, customer-centric experience that streamlines both spending and wagering, the company said. A release stated that Sightline Debit not only lowers payment costs for operators by minimizing the constant churn cycle of withdrawals and deposits, the solution also gives patrons access to their own funds anytime, anywhere, and in any way, in their own personal FDIC-insured bank account.
“The cost of payments in digital gaming is staggeringly high on average, 4.5x higher than that of other industries,” said Sightline Payments co-founder and CEO Omer Sattar in a statement. “Over nearly three years and 200,000+ 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,”
Assuming broad adoption of Sightline Debit across the industry, churn of money is anticipated to decline by 40%, saving the digital gaming industry about $700 million a year.
“We saw an opportunity to solve one of the biggest and most costly inefficiencies in digital gaming, and we knew Cross River was the perfect partner to help us bring it to life,” Sattar said. “We are thrilled to have them with us as we reshape the gaming industry and we could not have done this without their vision and commitment to deep-rooted structural innovation.”
Through a demand deposit account at Cross River, the debit solution redefines where funds are stored and how transactions are authorized through a demand deposit account 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, putting choice, flexibility, and financial empowerment directly in their hands. By having segregated funds meant for gaming activity, patrons are more closely able to adhere to their gaming budget, promoting responsible gambling.
“Our collaboration with Sightline marks a major leap forward for payments in the gaming industry,” said Cross River Chief Fintech Officer Adam Goller. “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. It’s a powerful example of how embedded finance can drive real transformation at scale.”
The first phase of Sightline’s ecosystem is set to launch in the coming weeks in several leading digital gaming markets.