Payouts is expected to take the pain out of paying people at scale
UK-based TrueLayer has launched Payouts solution that will solve the problem of slow refunds and withdrawals.
Payouts is available for TrueLayer customers including Cazoo. The UK car retailer uses the platform to instantly remit funds to customers once they sell their vehicles using the platform. The open banking platform will solve issues pertaining to slow and fragmented payout processing. This has been made possible through the combination of fast payment rails and open banking verification, a move that will see customers receive funds in the right way to the right channels.
The verification process is powered via open banking. It works by matching the bank’s files and the name of the users to confirm the data. This only takes a few seconds, hence speeding the process.
Once pre-populated, the user information will be verified and automatically issued via TrueLayer’s infrastructure. This connects to financial institutions via API integration across the EU and UK.
Here’s what that could do for businesses:
- Boost customer loyalty by initiating payouts that settle the very next second, 24/7. That’s far faster than the five days cards or Bacs can take.
- Eliminate the cost of lost or failed payouts by using bank-verified account information to automate payment setup.
- Ditch manual tracking processes by initiating payouts via a single API, removing errors from the whole equation.
- Streamline due diligence and instantly confirm account ownership by verifying that a user’s name matches with what’s on file at their bank.
We’ve reported that Brits more confident about household finances but admit they need to save more.