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TrueLayer Payouts deliver instant refunds and withdrawals

TrueLayer Payouts deliver instant refunds and withdrawals

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TrueLayer, Europe’s leading open banking platform, has launched Payouts, a new solution to tackle the issues of slow withdrawals and refunds, designed specifically with igaming in mind. Payouts is already 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.

Today, customers expect payments to arrive in their account in seconds. It can take days for card or BACS payments to appear, frustrating customers and damaging loyalty. This is made worse when operators, as part of their due diligence, need to verify new user’s payment details and identity before issuing a payout, making the process even slower. Traditional payout methods require managing multiple reports, endless rows of data, and manually tracking each payment, creating inefficiencies, input errors and complaints from customers whose payouts were never issued.

TrueLayer tackles these issues by combining open banking verification and the fastest payment rails available to ensure players are paid to the right account, right away. 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. Results are returned in seconds. With the player’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 a simple API integration.

Commenting on the relevance of Payouts to the igaming space, Murtaza Bootwala, Head of Payments at TrueLayer said: “It is designed with 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in mind, where customers are growing increasingly frustrated by the poor experiences they have to endure as a result of outdated infrastructure.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.”

TrueLayer claims to be the only provider to deliver account verification, powered by open banking, with Payouts to deliver payments for operators that increases retention and encourages service-switching, eliminates the cost of lost or failed payouts, removes manual tracking processes, streamlines due diligence, and so improves the customer experience.

TrueLayer, Europe’s leading open banking platform, has launched Payouts, a new solution to tackle the issues of slow withdrawals and refunds, designed specifically with igaming in mind. Payouts is already 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.

Today, customers expect payments to arrive in their account in seconds. It can take days for card or BACS payments to appear, frustrating customers and damaging loyalty. This is made worse when operators, as part of their due diligence, need to verify new user’s payment details and identity before issuing a payout, making the process even slower. Traditional payout methods require managing multiple reports, endless rows of data, and manually tracking each payment, creating inefficiencies, input errors and complaints from customers whose payouts were never issued.

TrueLayer tackles these issues by combining open banking verification and the fastest payment rails available to ensure players are paid to the right account, right away. 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. Results are returned in seconds. With the player’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 a simple API integration.

Commenting on the relevance of Payouts to the igaming space, Murtaza Bootwala, Head of Payments at TrueLayer said: “It is designed with 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.”

TrueLayer claims to be the only provider to deliver account verification, powered by open banking, with Payouts to deliver payments for operators that increases retention and encourages service-switching, eliminates the cost of lost or failed payouts, removes manual tracking processes, streamlines due diligence, and so improves the customer experience.