Digital bank Monzo has partnered with compliance and open banking software provider TrueLayer to develop an ‘industry-wide universal gambling block’ solution for the financial services sector.

The Fintech incumbents revealed that they are trialling an ‘open-banking API’ to develop a comprehensive gambling block solution, impeding transactions between financial service providers (banks, credit cards, e-wallets, loans, etc) and gambling businesses.

In 2018, Monzo became the first financial services firm to launch a gambling-block service, which customers could activate through its digital banking app.

Since launching its proprietary built gambling block, Monzo notes that more than 275,000 UK customers have activated the service ‘and less than 10% have ever switched it off permanently’.

Partnering with TrueLayer, Monzo will extend its gambling block as an open banking API feature available to all banks for integration.