What is a Payment Service Provider (PSP)

Definition: A company that enables businesses to accept and process payments by connecting merchants to payment methods, acquiring banks, card schemes, and alternative payment networks.

What a PSP typically provides:

Payment gateway and APIs: technical infrastructure for deposits and payouts.
Acquiring services: card processing via acquiring banks (directly or via partners).
Risk and fraud tools: 3DS routing, velocity checks, blacklists/whitelists.
Reporting & reconciliation: transaction logs, settlement reports, chargeback management.
Multi-method coverage: cards, bank transfers, e‑wallets, local APMs.

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Related Terms

Source of Funds / Source of Wealth

Source of funds (SoF) is the origin of the money a player uses for deposits. Source of wealth (SoW) is how the player built up their overall wealth.

Customer Due Diligence (CDD / EDD)

Customer due diligence (CDD) is the set of checks an operator carries out to know who the player is and assess their risk level. Enhanced due diligence (EDD) is a deeper level of checks for higher-risk cases.

Transaction Monitoring

Transaction monitoring is the automated review of player payments and betting activity against rules and thresholds to detect activity that needs a closer look, such as possible money laundering or fraud.

Open Banking

Open banking is a way of sharing bank data and starting payments through secure bank APIs, with the account holder’s consent. In iGaming it is used for account-to-account (A2A) deposits and payouts.

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