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TrueLayer launches instant refunds and withdrawals solution

Wednesday 15 September 2021 14:34 CET | News

UK-based TrueLayer, a European Open Banking platform, has announced the launch of Payouts, a new solution to tackle the issues of slow withdrawals and refunds.

 

Payouts is already being used by TrueLayer clients, including the UK's online car retailer, Cazoo, to instantly pay customers when they sell their car via the platform. TrueLayer has tackled the issue of fragmented and slow payout processes by combining Open Banking verification and fast payment rails to help customers get paid to the right account, right away.

The Open Banking-powered verification process works by matching the name provided by the customer with what's on file at their bank to confirm the details are correct. Results are returned in seconds.

With the customer’s 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 an API integration.

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Keywords: TrueLayer, product launch, Open Banking, instant payments
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Europe
This article is part of category

Banking & Fintech