TrueLayer has introduced Verified Payouts, a new feature designed to ensure that funds are securely transferred back to the original deposit account, promptly and in strict adherence to regulatory standards.
Key Components of Verified Payouts
This innovation integrates TrueLayer’s Instant Payout technology with robust verification mechanisms. By cross-referencing customer names and transaction records, each withdrawal request is meticulously matched to its originating deposit account.
The closed-loop system enhances accuracy in payouts, minimizing the risk of fraud and misdirected transactions. It also streamlines operations by automating retries and intelligent rerouting, thereby lowering the incidence of failed payments and reducing customer support inquiries.
Moreover, once a bank account is verified, it defaults as the preferred payment method for future transactions, thus enhancing efficiency and personalizing experiences for users.
Industry-Specific Benefits
Working closely with financial services and iGaming merchants, TrueLayer developed Verified Payouts to tackle the operational, regulatory, and customer experience challenges inherent in current payout systems.
For regulated sectors like iGaming and Financial Services, ensuring compliance is paramount. However, traditional card-based withdrawal methods are cumbersome and pricey.
With Verified Payouts, direct bank-to-bank transfers via Faster Payments are implemented, guaranteeing quick fund arrival in the customer’s account within seconds. The company reports a 99.7% success rate for repeat payments.
Advantages for Merchants
- Compliance Assurance – meeting UKGC and FCA requirements by returning funds to the verified original deposit account;
- Financial Savings – eliminating card scheme fees through direct bank transfers;
- Operational Efficiency – automated processes reduce failed payments and minimize customer service issues;
- Improved Customer Experience – verified accounts become the default for repeat transactions, simplifying future interactions.
Previously, TrueLayer extended its services to Poland, adding the Zloty as a third supported currency in addition to GBP and EUR.
