finAPI Credit card Check using OpenBanking

With the ‘insic Update’ series of articles, we give you a complete overview of the software required to implement the compliance requirements of German and European regulation.

You can find all articles in this series on our multilingual overview page.

finAPI Credit card Check to confirm credit card data using OpenBanking

The finAPI Credit card Check provides a secure method for verifying credit card data using OpenBanking, specifically designed for providers in highly regulated sectors such as online gambling, which is subject to strict anti-money laundering requirements (AML).

By integrating the finAPI solution, credit card verifications can be performed directly within the user’s online banking environment. Users enter their IBAN, which serves as an authentication element, and are then redirected to their online banking to authenticate the credit card. The results are delivered in real time, transparently informing the provider of the authentication outcome.

This solution allows for waiving the €25 deposit limit per transaction and the €100 monthly limit, streamlining user processes while complying with the Money Laundering Act (GwG).

Use cases:

• One-time and Recurring Deposits: Users can authenticate credit cards for one-time deposit without storing data or use the authentication for recurring payments.
• Long-term Authentication: Permanent authentication reduces effort for future transactions.
• Recurring Payments: Subscriptions or regular payments can be easily set up.

Benefits:

• Real-time feedback on verification
• Elimination of the €100 monthly limit
• Seamless integration into existing payment systems
• Maximum security through OpenBanking

With the finAPI Credit card Check, gaming providers can ensure an efficient, compliant, and secure payment process.