TrueLayer Verified Payouts is a solution designed to eliminate the complexity and cost associated with traditional payout processes. It addresses the challenges faced by regulated and non-regulated industries in ensuring funds reach the correct bank account safely and instantly. By combining Instant Payouts with Verification technology, the system matches withdrawal requests to the original depositing account using payee names and transaction history. This ensures funds are returned to the correct account and settle in real-time. Once a customer and their account are verified, Pay by Bank can be set as their default method for future transactions. This "closing the loop" approach, regardless of the initial payment method (card or digital wallet), reduces fraud, prevents misdirected payments, and ensures compliance with regulatory guidelines. The solution offers a cost-effective alternative to card-based withdrawals, saving on transaction and operational fees. It boasts a high returning user payout success rate of 99.7% through automated retries and intelligent rerouting, reducing manual intervention and customer service inquiries. Verified Payouts enhances customer satisfaction and engagement by providing instant access to funds, enabling immediate reinvestment or withdrawal. The integration with Pay by Bank creates a frictionless, one-click deposit and withdrawal experience, improving customer retention. Key features include automated name and transaction verification using open banking technology, instant settlement via SEPA Instant and Faster Payments, and automated payout retries and rerouting to handle bank downtime and payment failures. TrueLayer also offers ready-made UIs for mobile and browser applications, as well as easy plugins and libraries for platforms like WooCommerce, Shopify, and Magento, alongside a comprehensive console for managing payments, reconciliation, and reporting.

Features & Benefits

• Instant Payouts & Verification Combo: Matches withdrawal requests to original deposit accounts for secure and instant fund transfers.
• "Closing the Loop" Compliance: Ensures payouts return to the same verified account as the pay-in, irrespective of the original payment method, reducing fraud and misdirected payments.
• Increased Sales & Retention: Establishes Pay by Bank as the default method for future transactions, creating a frictionless repeat payment experience.
• Automated Processes: Automated retries and intelligent rerouting ensure high payout success rates, reducing operational overhead and customer service inquiries.
• Name & Transaction Verification: Utilizes open banking to automatically match names and verify transactions, ensuring funds go to the correct originating account.
• Instant Settlement: Leverages SEPA Instant and Faster Payments for immediate account-to-account payouts, bypassing traditional card network delays.
• Developer-Friendly Integration: Offers ready-made UIs, SDKs, plugins, and libraries for easy integration across various platforms and technologies.