The unification of documents into a single e-document began in Sweden back in 2001. Because of the regulations and laws, it wasn’t able to thrive until the EU has changed the rules regarding the digital signature.
For Bank ID to succeed as a real deal, the law was supposed to be changed. The requirement was strict – both physical and digital signature should be of the same importance. Since the EU regulated the law in the upcoming period, Sweden was finally able to implement its universal electronic ID solution to its citizens.
After several years, more than half a billion of Swedish people already had their Bank IDs. Moving forward, mobile banking (about which you can find out more on this source) was presented to the public a decade ago. The use of e-document was already implemented in this technology. Many more changes have occurred since this digital solution was mentioned the first time.
The Idea behind this Solution
The initial intention of this universal identification was to link the bank account to it. That way, people could easily confirm their identity to the authorities when needed. No need for entering your data all over again and making mistakes that could possibly be fatal (for example, an unintentional typo while entering the password could block your account).
The project of implementing digital document was a success, as people finally could perform various financial transactions in just a few clicks, with no wasting time on numerous verification steps. Nowadays, this identification document is used on a daily level, for all kinds of purposes.
How Is It Used?
The document itself contains all the crucial and personal information that you already gave to the relevant financial institution. There’s no need to fill out various forms again and again when applying for some services – not even when you want to access an online casino.
Most gambling platforms have changed their regulations in accordance with the implementation of digital verification. This means that people can log into any gambling website (that applies ‘no registration’ rule) only with their Bank ID and social security number. What they need to do is to create a password, and that’s all.
When it comes to online gambling, this ID is essential since there’s no need for new players to fill out tons of dull forms so they could prove their identity. If they have the Bank ID, everything within this ID will be absolutely correct, as it serves to verify the owner’s identity.
Casinos recognized this as an opportunity to make significant changes within their policies and regulations. Over the years, they probably received numerous feedbacks about the absurdity of complicated registration procedures and even more complicated realization of players’ financial transactions. That’s why they introduce gambling on Casino Med BankID websites.
Government institutions also accept the Bank ID as a valid paperless document for all purposes. Also, this e-paper contains a digital signature that is as valid as a physical one. An account linked to your Bank ID helps you complete various tasks, including the transfer of funds, deposits, withdrawals, etc.
Not only can people use this ID as a universal identification document, but they can also link their bank accounts to the document. It allows them to use the Bank ID in financial transactions as well. That essentially means that anyone who owns this ID can make online purchases or deposit/withdraw the funds.
But one thing makes a big difference. The Bank ID payment methods are used through secure payment platforms that allow their users to make incredibly fast deposits or withdrawals. The shortened period between finishing the transfer and having the funds from/to your account is a significant advantage of this concept.
Before prompt financial transactions became possible, withdrawing the funds to your bank account was a tiresome procedure. The wait-period was anywhere from 24 hours up to one week. Luckily for users, with this new method, the transfer of funds became a matter of minutes.
The ‘Hidden Intention’ of Casinos Accepting Bank ID
The speed of finishing financial transactions is especially significant for people enjoying online gambling. Until this option was available, the withdrawal of funds required several days to be completed. Most of the registered users weren’t eager to wait for that much, so they continue playing at the casino. As people couldn’t stop gambling (their money was trapped), they easily felt into the tramp of gambling addiction.
Introducing the Bank ID as a means for faster financial transactions, people now can withdraw all their funds and bonuses the minute they decide to stop playing. It could be said that this option is implemented with the intention of reducing gambling addiction.
Casinos Are Changing Their Core Rules
Every casino needs to provide their current players as well as the potential ones with all the commodities that are available. That includes online gambling without having an account, protection of their identities and funds, as well as giving them the option to quit the game any time they want.
For these options to become available, all the players need is their Bank IDs. Along with their social security number, they can log into the casino’s platform, play and withdraw whenever they want (with as much money they want). It is an excellent way of taking care of players. When they feel protected, they will give you their unlimited trust.
Sweden ‘made’ both traditional and online casinos operating within its territory to obtain a license based on the Swedish Gambling Act. The Act states that they must allow Swedish nationals to use their Bank IDs as the valid identification document as well as the valid banking document for making both deposits and withdrawals.
The changes that the Bank ID has brought are profound, and it’s merely a beginning. Most online gambling platforms in Sweden have already done this, and the ones that didn’t are reconsidering the choice they made. The law is (still) not too strict for casinos not accepting paperless documents for players’ verification.