TrueLayer’s PayOuts combines Open Banking verification and fast payment rails to overcome the arduous process of conducting due diligence on customer profiles before issuing payments. The product works by matching the name provided by the customer with what’s on file at their bank to confirm the details are correct. With customer details pre-populated and verified, payouts are then automatically issued through TrueLayer’s infrastructure, connected to thousands of banks in the UK and across the EU through a simple API integration. Payouts is already being used by TrueLayer clients, including UK online car retailer, Cazoo, to instantly pay customers when they sell their car via the platform.
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. TrueLayer helps 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. The launch of Payouts continues the expansion of TrueLayer’s software suite following the launch of its PayDirect service in January.