Open Banking platform TrueLayer has launched Payouts, an instant payments solution to tackle the issues of slow withdrawals and refunds.
TrueLayer said the feature has been designed to cut down the amount of time needed to issue payments, which currently take up to five days with card or Bacs, a delay which can be exacerbated by the need to verify new user’s payment details and identity before issuing a payout, stopping customers mid-flow and making the process even slower.
Payouts is already being used by TrueLayer clients, including the UK's leading online car retailer, Cazoo, to instantly pay customers when they sell their car via the platform.
The solution uses Open Banking-enabled account verification and the fast payment rails to settle payouts to the right account instantly.
The Open Banking-powered verification process works by matching the name provided by the customer with what's on file at their bank to confirm the details are correct.
With the customer’s details pre-populated and verified, payouts are then automatically issued through TrueLayer’s robust infrastructure, connected to thousands of banks in the UK and across the EU through an API integration.
Murtaza Bootwala, head of payments at TrueLayer said: “Businesses today are laser-focused on customer experience, and the post-purchase experience involving customers requesting refunds, or users withdrawing their savings and investments, is critical to build loyalty. We built Payouts to take the pain out of these transactions and enable firms to create a compelling value proposition for their entire customer base - withdraw your funds or receive refunds instantly.”
“It is designed with e-commerce, WealthTech and trading, marketplaces, and iGaming in mind, where customers are growing increasingly frustrated by the poor experiences they have to endure as a result of outdated infrastructure. In 2021 it shouldn’t take days, sometimes over a week, to receive a payment.”
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