Fintech company Sightline Payments, in collaboration with Fort Lee-based Cross River Bank – a technology infrastructure provider that offers embedded financial solutions – has created what the companies call a first-of-its-kind solution for the gaming industry: Sightline Debit.
The companies said the solution streamlines both spending and wagering, claiming that it lowers payment costs for operators by minimizing the churn cycle of withdrawals and deposits, and also gives patrons access to their own funds anytime, anywhere, and in any way, in their own bank account.
Assuming broad adoption of Sightline Debit across the industry, the companies estimate that churn of money is anticipated to decline by 40%, saving the digital gaming industry about $700 million a year.
Sightline said its new debit solution redefines where funds are stored and how transactions are authorized through a demand deposit account (DDA) at Cross River. By having segregated funds meant for gaming activity, patrons are more closely able to adhere to their gaming budget.
“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. He said the company worked in collaboration with seven of the largest gaming operators in America to create “an entirely new, bespoke ecosystem where payments in gaming now are cheaper for operators and easier, safer, and more responsible for patrons.”
“Our collaboration with Sightline marks a major leap forward for payments in the gaming industry,” said Adam Goller, chief fintech officer at Cross River. “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 companies said the first phase of Sightline’s ecosystem is set to launch in the coming weeks in several leading digital gaming markets.
