Open banking payments
Open banking is the EU framework, set by PSD2, that lets a regulated third-party provider read your bank account data or start a payment from that account, but only with your explicit consent. At a casino or sportsbook cashier it usually appears as “Pay by bank”: you pick your bank, log in through its own app, approve the amount, and the deposit leaves your current account without a card. In Ireland the rules sit in the Payment Services Regulations 2018, supervised by the Central Bank of Ireland.
How a Pay by Bank Deposit Works
The firm in the middle is a payment initiation service provider, or PISP. It never sees your banking password, because your bank redirects you to its own page or app, where Strong Customer Authentication confirms the payment.
Speed depends on the rail underneath.
A standard SEPA credit transfer can take up to one business day, while a SEPA Instant transfer settles within 10 seconds, and whether a given cashier routes through the instant rail varies between providers and banks. Deposit limits come from the operator and your bank, not from open banking itself.
What Open Banking Gets Confused With
It is often mistaken for an ordinary bank transfer. With a manual transfer you type the IBAN and reference yourself and wait for the cashier to match the money, whereas the open banking provider fills those in and tells the operator at once that the payment was initiated.
It is not an e-wallet either. Revolut, PayPal and Skrill hold a balance of their own, while open banking draws on your bank account directly.
Withdrawals are where practice varies most.
Some operators pay back to the same account by open banking or instant transfer, others fall back to a standard SEPA payout, and the step that usually holds a withdrawal up is the ID or source-of-funds check rather than the payment rail. Read the cashier’s stated payout window before you deposit.
