A direct bank is a bank that offers its financial services by telephone banking, online banking, automated teller machines, mail banking, and mobile banking. Basically, what it does is allow users to make a direct transfer from their account into the merchant’s account.
In the early 1990s, banking was greatly impacted by Internet which became more popular and most importantly, became accessible with time. Traditional banks saw the potential of delivering services while reducing costs, so that is why they started to offer limited services online.
The success obtained with internet banking services, rapidly lead to the development of banks only available on internet, and otherwise known as “virtual banks”. The first direct bank to begin operation s was the Security First Network Bank in 1995, and it was based in Georgia, USA.
Infrastructure. These virtual banks do not have a traditional banking infrastructure, which allows them to offer lower service charges on their products, savings accounts with higher interest rates and loans with lower interest rates when compared to conventional banks.
Easy to Use. The user that wishes to credit funds using bank transfer needs to first contact the Casino by phone or email as they will provide the details that are needed to initiate a bank transfer from their bank account to the Casino’s account. The Casino account will be credited immediately after receiving confirmation which takes approximately 3-4 business days
Direct Bank payment option is a great option for a reduced group, mostly Europeans and especially for whoever does not want to use credit cards or give away credit card numbers. I think the duration of the transactions is still a bit long, but the advantage is that normally, when deducted from the user’s bank account, it’s easier to manage the balance and have direct control of the account as well as pay competitive rates and fees.