TrueLayer launches instant refunds and withdrawals solution. The solution is already used by Revolut.

16 septembrie 2021

Every time you pay a customer, it’s an opportunity to keep them loyal. Whether it’s customers requesting refunds, users withdrawing their winnings or sellers accessing their earnings – payouts should be instant and easy.

„But systems for sending outgoing payments are siloed and seriously slow. The compliance is over-complicated, the experience is fragmented and funds can take days to settle — that’s if they don’t get lost completely,” according to True Layer.

And that’s not really good enough, so we’ve built Payouts to take the pain out of paying people. TrueLayer Payouts lets you achieve a great customer experience by enabling instant refunds and withdrawals on the fastest payments rails, while ensuring a compliance focused process. Supported by open banking-enabled account verification, it makes sure you’re paying the right account, right away. Which is how payouts should work.” – says Murtaza Bootwala, Head of Product.

Payouts combines open banking account verification with the fastest payment rails available. The process is simple: the user(s) requests to withdraw funds or to receive a refund and then gives True Layer the consent to access their banking data

After that the user(s) is directed to their banking app where they confirm they own the account using their fingerprint, FaceID or login details.

Finally, „We compare the user’s name in your system to their name on file at the bank, and immediately verify whether it matches. With the user’s details verified, a payout can then be initiated.” – Bootwala explains.

By verifying the account details before paying out, you can say goodbye to the days of failed or lost payments, reduce the strain on customer support and accelerate compliance checks. And by offering instant payouts, build customer trust and encourage others to switch over to your service. What’s not to love?” he added.

Payouts serves any business that wants a scalable, automated payouts process that will improve customer experience. In particular it’s been designed with ecommerce, wealthtech and trading, marketplaces, and iGaming in mind. 

„Using the fastest payments rails across the UK and EU and supported by open banking-enabled account verification our Payouts solution is designed to support businesses at every scale. It’s why the likes of Revolut, Cazoo and Nutmeg trust us as their open banking payments provider.” Bootwala concludes.

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Mihai Draghici – CEO PayByFace

„Dupa ce oamenii creeaza un cont PayByFace si au adaugat cardul, selfi-ul si PIN-ul, si au avut un pic de curaj sa se duca sa incerce, daca au incercat o data plata prin recunoastere faciala nu mai folosesc altceva (n.r. ca modalitate de plata). 80% dintre ei numai asta folosesc. Le place la nebunie.” 

Afla aici rezultatele in adoptia platii prin recunoastere faciala.


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?