TrueLayer launches new instant payout solution

| By Daniel O'Boyle
Payment provider TrueLayer has launched Payouts, a new payment solution that uses open banking to allow for instant refunds and withdrawals.

The new system matches the name provided by the customer with what’s on file at their bank to ensure rapid verification, and uses this to help ensure payments are made quickly.

The provider said that rapid payment was necessary as customers expect to receive their funds quickly.

“Today, customers expect payments that arrive in their account in seconds,” it said. “The five days it can take for card or Bacs payments to appear frustrates customers and leads to a lack of 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, stopping customers mid-flow and making the process even slower.”

Currently, the solution is live with used car retailer Cazoo. However, Murtaza Bootwala, head of payments at TrueLayer, said it was designed for the online gaming sector.

“Businesses today are laser-focused on customer experience, and the post-purchase experience involving customers requesting refunds or users withdrawing their funds, is critical to build loyalty,” he said. “We built Payouts to take the pain out of these transactions and enable operators to create a compelling value proposition for their entire customer base – withdraw your funds or receive refunds instantly.”

“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in mind, where customers are growing increasingly frustrated by the poor experiences they have to endure as a result of outdated infrastructure.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.”

The provider also said that the solution would remove manual errors from the payment process, as it is entirely automated, and that it would eliminate the cost of lost or failed payouts.

“TrueLayer is leading the charge to ensure payments processes that truly work for the customer and the business, ditching outdated methods to deliver the best possible payments experience,” Bootwala said. “By verifying the account details before paying out, you can say goodbye to the days of failed or lost payments, and reduce the strain on customer support. 

“And by offering instant payouts, igaming operators can build players’ trust and encourage others to switch over to your service.”

Last month, TrueLayer announced the appointment of Roberto Villani as the company’s new head of igaming. Villani previously held a development and sales role at Trustly and had also worked at Microgaming.

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