TrueLayer addresses the issue of slow merchant withdrawals and refunds with the launch of a new Open Banking-based instant payment feature.
TrueLayer’s PayOuts combines open banking validation with rapid payment rails to overcome the difficult process of performing customer profile due diligence before issuing payments. This product works by matching the name provided by the customer with the name registered with the bank to ensure that the details are correct.
Once the customer details are pre-filled and validated, payments are automatically issued through TrueLayer’s infrastructure and connected to thousands of banks across the UK and EU through a simple API integration.
Payouts are already in use by TrueLayer clients, including Cazoo, an online car dealership in the UK, where customers pay instantly when they sell their car through the platform.
Murtaza Bootwala, Head of Payments at TrueLayer, said the product was designed with e-commerce, wealth tech and trading, marketplaces and iGaming in mind.
“Today’s business focuses on the customer experience, and the post-purchase experience where customers request refunds and users withdraw savings and investments is important for building loyalty,” he said. Says. These transactions allow companies to create compelling value propositions for their entire customer base. This means you can withdraw funds or get an immediate refund. ”
The launch of Payouts continues to expand TrueLayer’s software suite following the launch of the PayDirect service in January.
TrueLayer Eliminates Payment Pain With Open Banking
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