TrueLayer has announced the launch of Verified Payouts. This feature aims to guarantee funds are paid out to the same verified account from which they were deposited, instantly and in full compliance with regulations.
Verified Payouts combines TrueLayer’s Instant Payouts technology with its verification capabilities, matching each withdrawal request to the original depositing account using the customer’s name and transaction history. The ‘’closed-loop’’ approach ensures that payouts are made to the right place each time, reducing fraud, preventing misdirected payments, eliminating costly manual processes, and increasing customer satisfaction. Additionally, once verified, customers are optimally defaulted to Pay by Bank for future deposits, which reduces payment friction, lowers transaction fees, and decreases fraud.
Developed in close collaboration with merchants across financial services and iGaming, Verified Payouts was co-created to directly address the operational, regulatory, and customer experience challenges they face with existing payout systems.
For regulated industries such as iGaming and Financial Services, payout compliance is important. Yet traditional card-based withdrawals are slow and expensive.
Therefore, Verified Payouts addresses these nets by moving money directly between bank accounts via Faster Payments. The result is funds land in the customer’s account within seconds, with a 99.7% returning user payout success rate, according to the company.
Potential benefits for merchants
Among the benefits for merchants are:
- Closed-loop compliance – the feature meets UKGC and FCA guidelines by ensuring funds are returned to the same verified account used for deposits;
- Cost savings – they can avoid card scheme fees by using direct bank-to-bank payments;
- Operational efficiency - automated retries and intelligent rerouting cut failed payments and reduce customer service queries;
- Optimal repeat payments – once linked, the customer’s verified bank account becomes their default for future deposits and withdrawals.
Before this launch, TrueLayer introduced its solutions in Poland, adding the Zloty as its third supported currency alongside GBP and EUR.
