Payments platform Nuvei said it is joining Fifth Third Bank, National Association to add real-time deposits for sports betting and iGaming in the United States, according to a press release from Nuvei.
This rollout will allow merchants to receive instant deposits in real time.
It will be different from traditional deposits with the ACH Network payment system, which can take several days to settle. Real-time deposits use The Clearing House’s RTP network and move faster. The release says this “good funds” model reduces fraud and the risk of insufficient funds.
Traders are also given positive confirmation status to confirm successful deposits, which can boost market confidence.
Additionally, the release states that real-time deposits can work well for sports betting because as betting happens in real-time during sporting events, players need to be able to fund their gaming account instantly and securely.
“This is a game-changer for traders. Real-time deposits will revolutionize the way payment solutions are provided to online gaming operators, making expensive guaranteed payment options obsolete,” said Philip Fayer, President and CEO of Nuvei. “The rollout marks another milestone in our journey as our presence in the US online sports betting and gaming industries expands and our team continues to provide a range of leading payment solutions for players and traders.”
See also: Nuvei expands partnership with casino company Novibet
PYMNTS wrote that Nuvei announced on Monday that it was expanding a partnership with Novibet, a European online betting and casino company, to add more payouts as it expands around the world.
The report says the partnership will allow Novibet to offer its players a “seamless and secure” way to deposit with Apple Pay.
“Apple Pay’s convenient payment user experience makes it an attractive deposit option, especially for returning players who want to download funds via the fastest method possible,” Novibet said.