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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now